With the economic recovery gaining traction, can we start to feel optimistic about the future?
After reading the headline grabbing statements made by the Chancellor during the last budget and considering the state of the economy only a short time ago, the answer must be a resounding – yes.
However, whilst it was welcome to see the recessionary clouds lift and now the first light of growth starting to shine, I wouldnt put our brolly away just yet.
It would seem that whilst we have growth, it may well be the wrong kind of growth – again. For the foreseeable future growth is predicted to primarily depend on rising household spending and a recovery in the housing market. Little will come from increased trade.
Sadly reminiscent of the circumstances that led to the last recession. Whilst economically we are on our feet and starting to move in the right direction,it is now time to plan the marathon task of repurposing our economy so that it is built on more sustainable growth factors. Long term, difficult and, at times, unpopular decisions will need to be made.
We can and should be optimistic about the future, but it is important that we remain patient and ready for the challenges ahead.
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