The York Business Festival enjoyed a ‘tour d’horizon’ of the global issues impacting on employers and traders in the city.

BBC Business Editor Simon Jack gave a presentation outlining his views in the Guildhall, which followed a busy day of free events at the council-run festival.

Mr Jack told the audience there was much bad news about.

“Business has had a good war. They showed themselves to be a force for good in the wider economy. We should respect that.”

But the 51-year-old, who has also worked in banking, also said: “I don’t like crisis. It gives me no pleasure whatsoever.”

He then reeled off the challenges facing us all.

“We are in the middle of the biggest drop in living standards since the 1950s.”

There were also the “unforeseen consequences” of the financial crisis of 2008, plus a global pandemic and European war.

There was the growth of populism, leading to a fracturing of the European Union.

Brexit, he described as “an act of economic self-harm.”

Putin’s invasion of the Ukraine was “a dangerous rupture in East-West relations and a repudiation of the rules-based order.”

Russia and the Ukraine are major suppliers of grain and fertiliser and the war had increased the costs of supplies.

Mr Jack noted its impact on a fish and chip in South Shields. At £6.95 fish and chips are an affordable treat, but at a few pounds more, customers say “you’re joking!”

However, once current price rises work their way out of the system, by September 2024 inflation will be zero.

He slammed Liz Truss’s ‘mini-budget’ for threatening markets, noting a ‘black hole’ in government finances, with it spending twice as much on debt repayment as defence.

Real wages are falling, house prices will fall, but this would be “the weirdest recession with unemployment at decades low.”

This was a recession caused by supply not by demand but by raising interest rates, the Bank of England had ‘f***ed’ things up.

Mr Jack concluded by saying the government was “split down the middle” between pro-and anti-frackers, plus those with contrasting views on the EU and immigrations.

“These tensions will not go away,” he added.

There followed a short debate with a panel of local speakers.

Emma Godivala, director and co-founder of York Gin, feared planned rises in spirit duties but said while business rates are alarming, it is the climate crisis that keeps her awake.

Alison Laws, business relationship manager of the York and North Yorkshire Growth Hub, said retailers must deliver ‘an experience’, something agreed with by Ms Godivala.

David Skaith, Chair of the York High Street Forum, wanted to see the city centre less commercial, with more community spaces, citing the success of the York Ice Trail.

Rebecca Hill, Chair of Indie York agreed, also calling for the city centre to be more family-friendly.

Details of events at the York Business Festival can be found at: York Business Week - Home (yorkbusinessfestival.co.uk)