Royal Bank of Scotland's top strategist has told Sheffield business people the outlook for 2008 is not as bad as some predict, although the year will be tougher than 2007 and growth will slow markedly.
Stuart Porteous, RBS' head of group economics, told 150 professionals and business owners attending an economic seminar at Baldwin's Omega: "The UK economy entered the credit crisis in good shape and fundamentals remain robust - profits are high, emp
loyment is increasing and the UK economy is still growing, albeit at a weaker pace and the Bank of England is in rate-cutting mode."
Do you agree? Post your comments below.Mr Porteous said the UK economy risked importing inflation from emerging markets in the east through high food and energy prices and was threatened by the US sub-prime led the credit squeeze.
Andy Shooter, RBS commercial banking relationship director for Sheffield, said: " South Yorkshire is bucking the current national trends."
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