Former Chancellor of the Exchequer Lord Norman Lamont warned that the new government must focus on tackling indebtedness, at an event in Manchester yesterday.
More than 100 professionals from across the city attended the Begbies Traynor Spring Conference on Thursday 23 April 2015, which was held at Manchester United’s Old Trafford Football Ground, and was aimed at highlighting the current difficulties facing company directors and accountants in planning for the future in the current uncertain economic environment.
The morning’s line-up included speakers from HMRC, the Insolvency Service and law firm Mills & Reeve, as well as the keynote speaker, Lord Norman Lamont, former Chancellor of the Exchequer, who presided over a period of significant economic change when the UK exited the ERM.
The speakers addressed topics including director disqualification, corporate fraud, and football financial fair play. There was also a presentation from Begbies Traynor, showcasing a number of interesting turnaround case studies.
Lord Lamont said: “The crisis in 2007 was caused by too much debt and too much irresponsible lending, and we still have a problem of the overhang of debt.
“Central banks around the world are fearful about whether the heavily burdened private sector, or even governments, can bear an increase in interest rates, as well as the position of governments that would have to pay out large amounts if interest rates went up.
“By and large the world is coming through this period of crisis, but it’s important to remember that having survived this crisis we couldn’t afford another one like it. We must get indebtedness down in the next few years.”
Paul Stanley, Regional Managing Partner at Begbies Traynor’s head office in Manchester, said: “The ongoing discussions around interest rates, creating a northern powerhouse and the upcoming General Election in May also raise questions about how the regulatory landscape is changing, making it important that we prepare ourselves for a range of possible changes in the year ahead.
“These uncertain times make economic planning for the future considerably more difficult, but more important than ever.
“Businesses across the North West have made an impressive recovery since the recession, but with growth slowing down in the last quarter of 2014 many are asking how we can continue to drive the economy forward.”
A Licensed Insolvency Practitioner with an MBA degree, Paul joined the Manchester office of Begbies Traynor in 2009. Prior to joining, Paul was working at Dawson White, the IVA provider for an OFT approved debt management company. Paul also spent 11 years at Baker Tilly with two secondments with Motor Retail lenders, including Ford Financial. He has extensive experience of all insolvency procedures and also has a background in property based on his RICS accredited BSc Land Management degree.