Somerset College

Financial guru Mark Dampier presented a bleak economic future to business people during the second Leadership and Management seminar at Somerset College.

The housing markets, financial markets and politicians all came in the firing line as Mark let loose about the state of the economy following the credit crunch.

Mark discussed tax rises, cuts in public spending and a need to pay back massive amounts of debt in the future. However, he did advise delegates to invest their money wisely in emerging economies including China, India, Brazil and Russia.

Mark said: ‘The next Government’s budget is going to be awful for businesses and the public. It will need to include massive tax rises, a VAT rise - possibly up to 20% - and public spending will need to be cut in order to pay back the immense debt incurred during these tough times.’

He also said that people in their mid twenties have never known a recession, they have always had easy access to credit. Now that is not the case and they are struggling. Therefore entrepreneurial skills will become essential, and may need to be taught at an early age at schools.

Mark is the Head of Research at independent financial advisers Hargreaves Lansdown and is also a columnist for The Independent newspaper. He is regarded as one of the foremost personal finance commentators and is regularly quoted in the national media.

Rachel Davies, Principal of Somerset College, said: ‘The Leadership and Management Seminars are a great place for business leaders to come together and network. We have arranged a series that involves experts who are some of the best in their role in the country. They are truly not to be missed.’

Feedback on the ‘Today’s Economy’ Leadership and Management seminar included:

• ‘Always good to hear a fresh and challenging perspective’.
• ‘Despite having to “act as the messenger” in his own words, Mark was challenging and very interesting. I agreed with a lot he said!’

‘Today’s Economy’ was the second session in the Leadership and Management series to be organised by Somerset College. Each seminar covers a different topic that is relevant to business leaders. The next seminar is with Mark Dudderidge, Managing Director of Ginsters, and is called ‘Changing Practices’. It takes place on 9 July and is aimed at the manufacturing sector.

Click here for more information on the services that Somerset Centre for Enterprise offer, including conferencing facilities, development options and business support . Alternatively, you can contact 01823 366 555 for further information or to request a visit from the Business Development Team.