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Calming troubled waters

Author: Robert Lloyd Griffiths OBE

Published: 19 Aug 2022

Robert Lloyd Griffiths emphasises the need Welsh and UK government, and business organisations, to deliver an economic plan that stimulates growth and encourages long-term sustainability for all.
The regular meetings that we host with our members provides valuable first-hand feedback. I share this information when engaging with both Welsh and UK Governments, their policy advisors and the wider business community to help tackle key issues on your behalf.

Indeed, a common theme over the past few months is definitely the difficulty in recruiting and retaining staff. The ‘great resignation’ post Covid along with an exceptionally strong job market means that finding and keeping good staff is a real challenge. This is further fuelled by the high levels of inflation that are putting additional pressure on employers.

But, we’re not alone. At a recent meeting attended by some of the leading business membership organisations like CBI Wales along with the Development Bank of Wales, we heard how the commercial variant of long covid is really impacting the health of our economy. The debt hangover from the pandemic is proving tough to afford for many business owners as a result of loans incurred over the past two years.

What’s more, it is suggested that Covid-19 has also masked the real impact of Brexit. Couple this with the current political uncertainty, rising energy prices, increased costs and the ongoing war in Ukraine and these are tough times for us all.

The economic outlook is concerning. We need our new Prime Minister (whoever that may be) to find a way to calm these troubled waters by delivering an economic plan that stimulates growth and encourages long-term sustainability for all. As your professional body, we’ll continue to call for the introduction of policies that encourage economic growth along with continued financial support for businesses to have the headroom to invest and grow.

Let’s look forward with hope and confidence because that is what will shape our future.