Bank economist finds mood of uncertainty among firms

Spencer Dale, also a member of the Bank's Monetary Policy Committee, visited companies on Thursday and Friday to discuss the current economic outlook.

He spoke with businesses about supply and demand, pricing, labour market issues, financing and plans for the future in relation to staff and spare capacity.

In a statement for the Yorkshire Post, Mr Dale said: "The experience of the businesses I have spoken to over the past two days broadly mirrors that of the national economy.

"After seeing very sharp falls in orders and demand in the first part of last year, demand for many businesses has stabilised and there are tentative signs of recovery.

"But the strength of recovery varies across different sectors and many businesses remain understandably uncertain about what the future holds.

"As always when I visit Yorkshire, I was impressed with the commitment and ingenuity demonstrated by local companies to develop new products and markets, often to compete in global markets.

"This should stand the local economy in good stead as the economy recovers."

Mr Dale spoke at a breakfast seminar at Leeds law firm DWF yesterday morning.

James Haddleton, the firm's executive partner in the city, said: "This was a very well attended event and Spencer gave a fascinating insight into the stance of the Bank of England which helped to put the regional and national economy into perspective.

"There were some very topical questions on how the business community in Yorkshire is dealing with economic pressures and I was personally delighted to see such good support and a positive response from representatives of the local business community.

"DWF is keen to promote regional business discussion and create opportunities for top executives from the sectors it works in to engage with high profile decision makers in our economy.

"We look forward to staging similar events and providing further platform for business debate."