Danske Bank Conference

Check out the full podcast at https://lnkd.in/ey8-wUYW and here is a summary of insights:

👜 Inflation is at 4.6% and is putting pressure on both household budgets and businesses.

👨‍💻Unemployment is at 2.1%, which is lower than the UK and long term average of NI.

📈 Growth rate has been modest and is likely to be the same next year.

💪The Northern Irish economy has been incredibly resilient and there are lots of businesses that are very busy.

🧗‍♀️ It’s important to be cautious in thinking the battle with inflation is won. Markets could be expecting interest rate decreases sooner than central banks plan to give them.

🤝 Check out “Knowledge Transfer Partnerships” with Ulster University, Innovation Boost with InterTradeIreland and Innovation Vouchers with Invest Northern Ireland.

💷 Higher wages are keeping demand high and the labour market tight. Fiscal policy is also tight across the UK.

🙋‍♀️ Imagine if you couldn’t recruit anybody else from this day forward, what would you do? Improve the “stickiness” of your company? Cultivate your employer brand? Invest in automation?

🏦 Since inflation and thus interest rates are likely higher in the UK, sterling is likely to be stronger than some benchmark currencies too, as we look toward 2024.

🏡 Do you have your own financial house in order? Your succession plan? Your pension? Your next learning and development adventure?

⚠️ The three risks we face are inflation, political uncertainty and skills shortages.

🤔 The uncertainties that 2024 pose are volatility, war, geopolitical tensions, (price and wage) inflation and unknown unknowns.

🔜 As you look towards 2024, think about your decision-making and check out Annie Duke’s “Thinking in Bets” to help frame your decisions more effectively.

Thank you sincerely to Clare Megarry and Tom WIGGINS for organising a super occasion. It was a joy to work with you all and thank you for giving me the opportunity to do so.