DACC and the local banking sector have collaborated to bring together representatives from key, local business sectors to discuss current business conditions with the Bank of England's Agency for Scotland. The aim is to meet quarterly to provide input into the Agency's information gathering process, which is reported directly each month to the Bank's Monetary Policy Committee. The inaugural meeting was held at RBS. The Bank's Agent for Scotland, William Dowson, gave an overview of economic conditions, and this was followed by a general discussion of issues facing local businesses. Most firms reported that trading conditions were still extremely challenging. Generally, confidence was fragile, in part because of planned public spending cuts. However, some sectors and companies were seeing opportunities and were growing and hiring staff. Overall, the Bank received a good sense of the issues and opportunities for firms in Dundee and Angus. DACC already has regular contact with the Bank but we hope that this new Panel will provide regular input into its thinking. Although the membership of the Panel is fixed at the current number, you can still still contribute by inputing your business experience via DACC. Watch out for further information on how and when to contribute.
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