Date 5 March 2010
SA Law yesterday welcomed Alistair Darling to Watford, as the Chancellor addressed members of the Chamber of Commerce at the YMCA in Watford.
The event, which was attended by 150 representatives from national companies and SMEs based locally, also featured a speech by local MP Clare Ward and Michael Elves, Governor at the University of Hertfordshire.
The principal topic of debate was the business challenges presented by the current economic climate, with Rob Ryall, partner at SA Law, urging Hertfordshire businesses in his opening speech to achieve a balance between meeting the needs of today, and planning for a more profitable future.
In his speech, Mr Darling stressed that the Government was committed to improving conditions for UK businesses, but hinted that banks were caught in a catch-22 between the need to satisfy new capital requirements, and the need to make credit available to businesses.
When questioned on the origins of the financial crisis, he suggested that the downside of a global economy was that the affects of the US credit crunch were felt far and wide, very quickly. When asked what lessons could be learned, he remarked that businesses, both in the financial services sector and beyond, should never again "bury their heads in the sand".
Robert Ryall, Partner at SA Law, said:
“We all know that these are challenging times for many businesses, and it was fascinating to hear the Chancellor’s view on the situation as is now, and where we will be in the future. While these are still testing times for many, we believe there is light at the end of the tunnel and businesses should start planning to be successful in the long term.”
Roger Gagan, CEO of the Watford Chamber of Commerce, added:
“Today’s breakfast meeting was a great opportunity for our members to hear first-hand how the Government plans to alleviate the pressures on business owners. We were delighted to welcome Mr Darling to Hertfordshire, and are grateful to SA Law for all their support in making today’s event happen.”