Looking to the future

The theme of this year's ACT Annual Conference is shaping the future. Against that overall theme the sessions I've listened to suggest that for treasurers the shape of the future should be recognisable and not too outfacing.

Although Professor Tim Congdon was harsh about the failures of 'officialdom' in the financial crisis his overall message was one of cautious optimism about the outlook for the economy both for the UK and on a global scale.

Everyone acknowledges that the last couple of years have been extremely volatile and highly unusual. But when you listen to the treasurers and the bankers talking about the future it seems we are back to something which you would describe as normal. At the conferences in 2009 and 2008 there was genuine uncertainty and some nervousness on how the future would unfold. That mood has lifted.

Clearly there are ongoing challenges and uncertainty- in the immediate future the result of the General Election will have a bearing on financial regulation and financial markets. But there does appear to be a sense that it is possible for treasurers to work with their colleagues to at least have a go at mapping the future. There is work that needs to be done.

From the sessions on day one pensions risk management remain an issue; liquidity management and financial supply chain cash is not going to go away any time soon; and accounting changes are likely to head back up the agenda. But this is a new normal: everyone understands that treasury and treasury issues are set to remain on the board’s agenda.

By Peter Williams