Banking Chief's talk at Leeds Metropolitan
Tom Vosa - Yorkshire Bank's Chief Economist has given a guest lecture at Leeds Metropolitan University about current developments influencing the UK and regional economy.
Up to 100 people attended the annual public event, which took place today from 9-10am in Lecture Theatre A at the University's Rose Bowl, addressing topics including the future challenges ahead for businesses and the economic prospects facing society.
Mr Vosa commented: "The UK recovery from the global financial crisis has been much weaker than originally anticipated despite an unprecedented monetary stimulus and other unorthodox policy from the Bank of England. After a small post-Olympics boost, the economy likely contracted in the fourth quarter of 2012, which will raise the spectre of a return to a triple-dip recession.
"With quarterly growth rates pushed and pulled by special events the underlying pace of growth is probably flat, but the outlook for 2013 remains modest. We believe that the Yorkshire economy will broadly follow that in the UK, but could suffer from weaker consumption due to a weaker housing market. Support from monetary policy and a rise in bank lending should provide a modest boost but any real upside surprises will depend on the global economy. An end to uncertainty in the Eurozone and a fiscal deal in the US could unlock UK business investment."
As well as Chief Economist at Yorkshire Bank, Mr Vosa is also Director and Head of Markets Economics, Europe for National Australia Bank. He joined National Australia Bank in 2001 from the Bank of England and his role involves keeping the bank abreast of relevant economic and financial market developments and to have extensive interaction with clients.
Paul Houghton, Principal Lecturer in Accounting and Finance at Leeds Met, said: "This is an annual fixture in the business calendar at Leeds Metropolitan and we are delighted to have welcomed Tom Vosa back to deliver this guest lecture, which is always of particular interest to professionals working in sectors such as banking, financial services, accounting and economics, as well as academic staff and students specialising in those areas."