Midland firms hold TRUMP cards – bosses
DONALD Trump’s shock election victory could actually mean a boost for Midland manufacturing, according to business leaders.
Paul Forrest, director of West Midlands Economic Forum, said Trump’s pledge to focus on manufacturing and aerospace could spell positives for the region, with firms like Jaguar Land Rover leading Greater Birmingham’s drive for business across the Atlantic.
Trump swept to victory over Hillary Clinton on Wednesday, confounding most people’s expectations, including the pollsters.
Many commentators have since predicted troubled economic waters ahead – and even a global recession – in the wake Trump’s threat to impose wide-ranging trade tariffs
But at a post-election breakfast at Birmingham Airport, organised by the Midlands Chapter of the British American Business Council, Mr Forrest predicted some Midland manufacturers might actually benefit.
He said: “If Trump is going to rebalance the economy and focus on the manufacturing sector, this could have positive implications for the Midlands, given the components it exports to the US.”
Steve Allen, head of Birmingham office of law firm Mills & Reeve also saw a silver lining.
He said: “There’s no doubt that the 2016 US presidential election was the most bitterly fought of all time.
“Both candidates were appealing to communities hardest hit by lost manufacturing jobs and pointing the finger at previous trade deals as failing to protect US jobs and living standards. Trump spoke about tearing up existing deals and waging a trade war against countries that provide unfair subsidies to its manufacturing exporters.
“However, we need to look behind the election rhetoric, have a period of calm reflection and crucially, see who the Trump team will be. It is unlikely that a US/UK trade deal will be high up on the ‘to-do list’ of the new administration but if Mr Trump is as good as his word, the UK will not be ‘back of the queue’.”
He added: “It is estimated that exports from the region to the US could grow by £1.4 billion annually if such a deal could be done.
“US trade is already significant in the West Midlands economy.
“The value of exports from the region to North America is approximately £6 billion annually, much of which is to the US market.
“The result, while unexpected, may in fact provide an opportunity for the West Midlands economy going forward.”
Chief executive of Greater Birmingham Chambers of Commerce, Paul Faulkner, also called for calm in the wake of the result.
He said: “The US is the UK’s biggest export market so it’s vital that we maintain close relationships in the States. We will seek clear guidance on the way forward, especially in the light of Mr Trump’s plans to renegotiate trade deals.”
He added: “The British American Business Council (BABC) in the Midlands is one of 22 chapters in the UK and North America.
“Through the BABC and the new Birmingham Chamber International Business Hub we will be working flat out to maintain certainty and stability in trade between the two nations.”
The result, while unexpected, may in fact provide an opportunity for the West Midlands economy Steve Allen, Mills & Reeve
ABIRMINGHAM bullion dealer made £1 million in less than two hours after Donald Trump became American president, sparking a gold rush.
Britain’s biggest online dealer, BullionByPost, enjoyed the biggest day of trading since it was set up eight years ago.
Rob Halliday-Stein, founder and managing director of the company based in Hill Street, said this week’s bullion boom would far exceed trading following Brexit back in June.
It was also set to exceed the gold rush of 1985 when the pound plummeted, causing the price of the precious metal to soar.
“We made £1 million in less than two hours on Wednesday morning,” he said. “We have been incredibly busy. It has been the biggest day of trading in our eight-year history. The price of gold hasn’t risen as much as expected yet but I expect it to soar over the next week. The price increased following Brexit – but this is huge.”
The price of gold jumped by as much as 4.73 per cent on Wednesday as investors flocked to safe-haven assets and Mr Halliday-Stein said it would contin- ue to rise over the next week.
He previously predicted that Brexit would prompt a gold rush which could generate his firm sales of up to £10 million in a single day, as investors sought to protect their wealth.
Last year, the entrepreneur acquired the website address gold.co.uk in a massive £600,000 deal – the highest ever deal for a UK web address.
The company was set up in 2008 as a modest £10,000 launch, and has since become the UK’s largest online bullion dealer, selling gold and silver bars and coins to private investors.