More than 200 trade unionists have put their names to an open letter addressed to Liz Kendall, the Secretary of State for Work and Pensions, stating their opposition to the Labour government’s Universal Credit and Personal Independence bill.
They describe the bill as “shameful anti-worker and anti-working class legislation” which will “create misery” for communities, disabled workers, and all workers on the sharp edge of the disability benefits system such as caseworkers, local government, housing and charity workers, and others.
Signatories include councillors, trade union executive committee members, and elected representatives of workers from PCS, Unite, Unison, NEU, GMB and others, demonstrating the widespread strength of feeling in the labour movement against the bill. Many of these unions currently fund the Labour Party.
The signatories call on the entire trade union movement to “not only fight to defend the social security system from cuts, but also demand a transformative alternative that centres human dignity, regardless of ability to work.” They “join Disabled People Against Cuts (DPAC) and many others in arguing for a welfare system that works for us all, removing the private sector involvement and its punitive measures.”
Calling it a “political choice,” the letter directly disputes government claims that the measures are being introduced to benefit workers, calling for taxation of the super rich rather than punishment of the poorest through benefit cuts.
The signatories note with alarm that “every stage the due democratic process and co-production with disabled people… has been sidestepped. This concerns us all as trade unionists striving for a more equitable and democratic society.”
A copy of the letter is available at Bit.Ly/TUistsAgainstWelfareCuts. Signatures are being collected until the end of the week.
US President Donald Trump’s continuing tariffs could have unexpected consequences for UK businesses, putting them at risk of breaching new environmental rules, a leading eco compliance firm has warned.
The caution from Manchester-based Ecoveritas comes as manufacturers worldwide are considering changing the way they package goods in response to President Trump’s policies on global trade.
Despite recent moves by the US to relax some tariffs, including trade agreements with China and the UK, the situation is likely to prompt producers to alter supply chains in the longer term to shield from disruption and increasing costs.
Ecoveritas, which works with leading brands including Suzuki and Spar, is urging British businesses to ensure they don’t fall foul of Extended Producer Responsibility (EPR) legislation introduced this year.
Andrew McCaffery, Chief Strategy Officer at Ecoveritas, said: “The global trade picture is becoming more complex, and that is creating an additional headache for businesses who deal with imported and exported goods, even if only indirectly.
“The headlines tend to focus on price rises for materials, but it is crucial that firms don’t lose sight of the rules they must adhere to when it comes to packaging and waste.”
Under the new EPR legislation, all domestic businesses with a turnover above £1 million and handling more than 25 tonnes of packaging per year are now responsible for the cost of recycling packaging waste – as well as tracking and reporting the amounts.
The rules are designed to combat growing issues with waste; estimates suggest worldwide plastic consumption could double by 2050, with just 9% of plastic waste currently being recycled.
Ecoveritas have highlighted that larger retailers could be faced with up to £130 million in additional compliance costs.
Andrew continued: “To see major brands now considering making huge changes to their supply chains means that UK firms must act now on their approach to handling waste.
“Even a small miscalculation can lead to overpayments in the hundreds of thousands of pounds, so it really is essential to get it right.”
But he added: “There is an opportunity for businesses of all sizes to reassess their relationship with waste, make positive changes and become more sustainable for the future.”
Spring 2025 Labour Market Outlook reveals record-low hiring intentions and persistent pay pressures
14 May 2025 — Business confidence in the UK has hit its lowest level outside the pandemic, with hiring intentions weakening and one in four employers planning redundancies in the next three months, according to the Chartered Institute of Personnel and Development’s (CIPD) latest Labour Market Outlook.
The findings make for depressing reading for economists and job seekers alike, with widespread expectations of job losses, low pay settlements and increased uncertainty.
Key Findings
Employment Balance at Record Low
The net employment balance—measuring hiring intentions—fell to +8, the lowest since 2014 (excluding 2020). Private sector confidence dropped to +11, while the public sector slipped into negative territory (-4).
Retail, construction, and healthcare saw the sharpest declines, with 30% of retail firms expecting staff cuts.
Redundancies on the Horizon
24% of employers plan redundancies by June 2025, consistent with the previous quarter but up from 21% in autumn 2024.
Median workforce reduction: 5%. Smaller firms were more likely to offer only statutory redundancy pay (54% vs. 37% at large firms).
Pay Settlements Hold at 3%
Median pay increase expectations remain at 3% across all sectors, aligning with the current CPIH inflation rate (3.4%). Public sector pay awards rose slightly to 3%, closing the gap with private firms.
Hard-to-Fill Vacancies Persist
33% of employers report hard-to-fill roles, notably in education (49%) and healthcare (55%).
Drivers of Uncertainty
Economic Pressures: Rising National Insurance and National Living Wage costs have dampened employer optimism.
Global Risks: U.S. tariffs and geopolitical instability threaten UK trade, with £80bn in exports directly or indirectly linked to the U.S.
CIPD Calls on Government to Slow Pace of Change
A spokesman from the CIPD said:
“Rising employment costs – including increases to National Insurance and the National Living Wage – are forcing many organisations to scale back recruitment, limit training investment, and consider price increases. Uncertainty around the Employment Rights Bill and global events is adding to employers’ caution.
The CIPD is calling on the Government to work closely with employers and set out a clear, phased rollout of the Bill to minimise disruption and safeguard investment in people and skills.
The CIPD also offered employers the following advice:
Retention Focus: Monitor workloads and invest in upskilling to address talent gaps.
Fair Redundancies: Offer enhanced packages where possible to support financial wellbeing and mitigate reputational risks.
Inclusive Hiring: Broaden recruitment strategies to tackle persistent vacancies.
James Cockett, CIPD Senior Labour Market Economist, warned:
“Employers are walking a tightrope between cost pressures and retention. Knee-jerk cuts risk leaving firms unprepared for recovery.”
Manufacturers appear to be investing in key areas that will secure long-term competitiveness rather than speculative growth according to an outsourcing expert.
PP Control & Automation’s Tony Hague believes management teams are reacting to economic pressures, such as rising costs, supply chain uncertainties and ‘Trump tariffs,’ by adopting a strategic approach to survival.
The passionate CEO believes the focus is on product innovation to counteract price pressures, whilst moderate investment into new areas of opportunity has replaced aggressive diversification.
Supply chain collaboration is another key feature, and the West Midlands-based firm has seen this firsthand with enquiries soaring for outsourcing that delivers flexible scale-up and scale down of production and the unlocking of new capabilities that customers simply can’t afford in-house.
“No matter the challenge or strategic direction, collaboration can be the unifying force behind bold results. A force that can both accelerate progress and mitigate risks,” explained Tony, who has been at PP Control & Automation for more than 25 years.
“At PP C&A, a robust supply chain is non-negotiable. Its importance is driven by the fact that our customer’s supply and stock risk is mitigated when we inherit, manage and optimise their supply chain.
“It’s central to the value we add as an outsourcing provider, so over the years, it has meant turning suppliers into value-add partners and technical guides, rather than simple transactional relationships.”
He continued: “2025 has seen demand for the services we offer increase massively, as potential customers seek to build supply chain resilience and try to achieve growth without significant investment. There’s also a definite move towards shortening supply chains in the wake of global trade wars.”
PP Control & Automation already works with twenty of the world’s largest machine builders, providing speed to market, flexible production and access to new technology and capabilities for firms involved in food and drink, renewables, medical and machine tools.
The company is also working with a host of start-ups, innovators and established manufacturers who are facing constraints in availability of skilled labour and space.
200 highly skilled staff are employed at its world class Cheslyn Hay facility and have access to more than 200 hours of personal development and training every year, including at the company’s nationally recognised Bright Sparks university, a unique online learning platform.
Tony went on to add: “Collaboration is at the heart of everything we do, and this is reflected in the launch of PP Plus (a 20-strong network of manufacturing, tech, professional services and marketing specialists) and the Clean Energy Systems Partner Alliance (CESPA).
“The latter has been formed to boost onshoring manufacturing with six experts in their respective fields coming together to deliver a single source solution for innovators and developers of green technology.
“We have been joined by Danfoss, Emerson, Glacier Energy, Phoenix Contact and Voltserve, who will combine cutting-edge technologies and engineering prowess with sustainable solutions and proven production techniques.”
He concluded: “The members bring every discipline needed to optimise and build systems – electrical, civil and structural design, renewable energy software and automation, connection technology and electronics solutions and climate, drives and power solution products.”
For further information, please visit www.ppcanda.com or follow the company across its social media channels.
Ian Nicholls, CEO of Explic8, tackles the issue of tariffs and how businesses can best respond to the current crisis
The whole world is talking about tariffs. Stock markets are crashing, suffering the biggest losses for years, investments and pensions are being devalued. Prices are rising. Products are being boycotted. Sales are falling. Profits are plummeting and forecasters are saying this is not a blip because recovery may take years.
Globally, countries and companies alike are looking for solutions.
One course of action is to accept the tariffs. Or retaliate and impose your own tariffs. Another course of action is to negotiate better more affordable exchange agreements. Another is to move.
What if there was a way to allow your organisation to continue business as usual and focus on efficiency and growth?
This article outlines a better way to be a tariff buster.
The introduction of tariffs by the US is having significant effects on the global market:
Market Volatility: Tariffs led to increased volatility in stock markets, similar to the reactions seen during major crashes. Traders often reacted sharply to news about tariffs, leading to rapid price changes.
Investor Sentiment: Just as during historical crashes, investor sentiment played a crucial role. Uncertainty from tariff announcements caused fluctuations in consumer and business confidence, impacting stock prices.
Increased Prices: Tariffs raise the cost of imported goods, leading to higher prices for consumers and businesses that rely on these products.
Trade Tensions: Tariffs can prompt retaliatory measures from affected countries, resulting in trade wars that disrupt global supply chains.
Shifts in Trade Patterns: Countries may seek alternative markets or suppliers, altering traditional trade relationships and promoting regional trade agreements.
Impact on Domestic Producers: While some domestic industries may benefit from reduced competition, others that rely on imported materials may face higher production costs.
Economic Uncertainty: Tariffs can create uncertainty in the global market, leading to reduced investment and slower economic growth.
Global Supply Chain Disruption: Increased costs and trade barriers can disrupt established supply chains, affecting production efficiency and delivery times.
Inflationary Pressures: Higher costs for imported goods can contribute to inflation, impacting overall economic stability.
Customer Dissatisfaction: Can arise from unmet expectations, poor product quality, unsatisfactory customer service and higher prices.
The mantra to “Make America Great Again” is a drive to return manufacturing to the US instead of outsourcing to cheaper overseas locations and with it to bring jobs and prosperity to the country.
However, moving manufacturing from one country to another is a costly and time-consuming business involving several critical factors:
Strategic Planning
Market Analysis: Evaluate market potential in the new location.
Cost-Benefit Analysis: Assess costs related to manufacturing, labour, logistics, and tariffs.
R&D
Technology Transfer: Plan for transferring technology and knowledge to the new site.
Local Adaptation: Adapt products for local market preferences and regulations.
Collaboration with Local Institutions: Engage with local universities or research institutions for innovation and support.
HR
Workforce Analysis: Assess the availability of skilled labour in the new location.
Recruitment Strategy: Develop a plan for hiring local talent, including training programs.
Cultural Integration: Prepare for cultural differences and integrate teams effectively.
Employee Transition Plans: Consider relocation for key personnel and manage communication with existing employees.
Regulatory Affairs
Compliance Research: Understand local regulations, industry standards, and compliance requirements.
Permits and Licences: Obtain necessary permits and licences for manufacturing operations.
Environmental Regulations: Comply with local environmental laws and sustainability practices.
Supply Chain Management
Supplier Assessment: Identify and evaluate local suppliers for materials and components.
Logistics Planning: Develop efficient logistics and distribution strategies in the new location.
Stock Build
Capacity Management: Increased output before planned plant closure to build sufficient stock to satisfy the market until the new facility begins production.
Facility Setup
Site Selection: Choose an appropriate location based on infrastructure, proximity to suppliers, and costs.
Facility Design: Plan the layout of the manufacturing facility to optimise workflow and efficiency.
Implementation
Pilot Production: Start with a pilot run to test processes and systems.
Quality Control Systems: Establish quality assurance protocols to maintain product standards.
Monitoring and Adjustment
Performance Metrics: Track performance against goals and benchmarks.
Continuous Improvement: Be prepared to make adjustments based on feedback and operational data.
Stakeholder Communication
Internal Communication: Keep all stakeholders informed throughout the transition.
External Communication: Manage public relations and community engagement in the new location.
Critical decisions lie around:
Do we move manufacturing facilities or create duplicates?
Do we transfer our trained experienced staff or hire in the new location?
How much stock do we need to cover the transition and how long will it take to build the stock?
By carefully addressing these considerations, companies can effectively transition their manufacturing operations to a new country while minimising disruption and maximising efficiency.
But there is another way.
The pie chart below represents a typical cost breakdown for manufactured goods.
Figure 1: Cost Breakdown
If your product costs $100 and gets hit with a 25% tariff, it goes to market, costing the customer $125.
If an organisation could reduce its material costs by 20% and its direct labour costs by 10% it should also reduce the manufacturing overhead and would have the effect of reducing the product cost to $87.50 (a 12.5% reduction in overall manufacturing costs) and with the imposition of a 25% tariff, the product would reach the market at $109.38. Not too bad an increase given inflation rates these days.
Why stop there? if your organisation could reduce overall manufacturing cost by 20% and bring the product cost to $80, the 25% tariff would leave the product on the market at $100!
This approach eliminates the need for moving from one country to another and eliminates the involvement in trade negotiations and deal brokering.
It allows your organisation to continue business as usual and focus on efficiency and growth.
So, how do we reduce the overall manufacturing cost by 20%?
In the example below, the costs of R&D, Shipping and Distribution and Sales and Marketing remain the same. Material costs are down 25%, labour costs down 20% packaging cost down 20%, manufacturing overhead down by 60% and administrative costs down by 25%. The percentages sound big but we’re only shaving a dollar here and a dollar there off the cost per unit.
The combined effect of these changes achieves a 21.5% reduction in the overall manufacturing cost bringing the product cost down to $78.5 which with a 25% tariff will hit the market at $98.13 – even less than before the tariff.
Item
Before
After
% Reduction
Research and Development (R&D)
$5.00
$5.00
0.00%
Direct Materials
$42.00
$31.50
25.00%
Direct Labour
$21.00
$16.80
20.00%
Packaging Costs
$5.00
$4.00
20.00%
Shipping and Distribution
$7.00
$7.00
0.00%
Manufacturing Overhead
$8.00
$3.20
60.00%
Administrative Expenses
$4.00
$3.00
25.00%
Sales and Marketing Expenses
$8.00
$8.00
0.00%
Totals
$100.00
$78.50
21.50%
Figure 2: Cost Reduction Table
Figure 3: Cost Reduction Chart
All of these reductions are achievable and there are tools and techniques available to implement even greater cost reductions.
So, how do we do it?
An excellent method for achieving significant savings in direct materials consumed during the manufacture of a product is by going “back to basics” and conducting a Cost of Quality (CoQ) analysis using the CoQ process to identify where the opportunities are. While the specific amount saved can vary widely depending on the industry, product type, and existing quality issues, studies suggest that companies can often save between 5% to 30% of their direct material costs through improved quality practices.
These savings can result from:
Reduction in Scrap and Rework: Identifying and addressing quality issues can minimise waste.
Improved Process Efficiency: Streamlining production processes can reduce material usage.
Improved manufacturing scheduling: Improved sequencing and scheduling can reduce material usage.
Enhanced Supplier Quality: Working with suppliers to improve material quality can lower defects and waste.
Better Design Practices: Designing products for manufacturability can reduce material consumption.
Overall, a CoQ analysis helps identify areas for improvement, which can lead to more efficient use of materials and lower costs.
Reducing Costs
Reducing labour costs in manufacturing can be achieved through several best practice approaches:
Lean Manufacturing: Implement lean principles to eliminate waste, optimise workflows, and improve productivity. Focussing on continuous improvement and value stream mapping.
Process Optimisation: Regularly review and optimise manufacturing processes to identify bottlenecks and improve throughput without additional labour.
Employee Engagement: Foster a positive work culture that encourages employee engagement and productivity, which can lead to lower turnover rates and associated training costs.
Employee Training and Development: Provide training to enhance employee skills, which can lead to increased efficiency and reduced errors. Cross-training employees can also enhance flexibility in workforce deployment.
Invest in Ergonomics: Improve workplace ergonomics to reduce strain and injury, leading to decreased absenteeism and lower healthcare costs.
Flexible Workforce: Use a flexible workforce model that allows for scaling labour up or down based on demand, reducing costs during slower periods.
Shift Scheduling: Optimise shift schedules to align with production demands, minimising overtime and ensuring efficient use of labour resources.
Contract Labour: Consider outsourcing non-core functions or using contract labour for peak times to manage labour costs effectively.
Automation and Technology: Invest in automation technologies such as robotics and AI to streamline processes, reduce manual labour, and increase efficiency.
Performance Metrics: Establish clear performance metrics to track productivity and identify areas where labour costs can be reduced without compromising quality.
By implementing these strategies, manufacturers can effectively reduce labour costs while maintaining or improving product quality and operational efficiency.
Quantum Advisory, the leading independent pension and employee benefits consultancy, today urged pension funds to remain calm and avoid making hasty decisions in response to the recent US tariff crisis.
On Wednesday 2 April the US unveiled the imposition of ‘reciprocal tariffs’ on trading nations, set at levels far higher than anticipated. This announcement triggered significant declines in global equity valuations. While equities have since somewhat bounded back, bond yields have also spiked and commodity prices have fallen, including gold—traditionally seen as a safe haven.
Paul Francis, Principal Investment Consultant at Quantum Advisory, added: “Following the announcement of the tariffs, global markets took a significant hit. The sharp and rapid decline signals a substantial shift towards a new economic order. While this downturn is likely solely attributable to the tariffs, some analysts argue that the decline began earlier this year, triggered by DeepSeek’s open-source AI model. Perhaps that was only the embryonic phase of what now appears a full-on trade war between the two superpowers.
“Regardless, we now face the consequences, and schemes need to consider their options, particularly with regards to equity market diversification and positioning. The equity relief rally seen last night followed the US pausing the punishing rates of ‘reciprocal tariffs’ it imposed on countries other than China. It comes as a welcome development for many. But fear of what comes next remains.
“Higher tariffs erode international competitiveness, which in turn reduces global trade. This leads to job losses, rising prices, and a slowdown in economic growth. Here in the UK, the new tariffs have already wiped out the modest fiscal headroom projected in the Spring Statement. As a result, the Chancellor may be forced to break fiscal rules, potentially leading to higher taxes and/or spending cuts.
“It’s going to take a while for the global market to adapt and, as with all things investment, things could still change – both positively or indeed negatively – and quickly. Volatility of returns is high, which isn’t necessarily bad, as it presents opportunities for profit. However, being on the wrong side of a trade can be costly. Making drastic changes to investment strategies based on recent developments would be a bold move. Now is not the time for major shifts. Uncertainty affects all asset classes, and there’s no clear safe haven. Bond prices may fall further, and moving to cash could lock in losses and miss potential gains in equities. For those considering asset class transitions, proceed with caution. The risk of being out of the market is significant, especially with markets moving 5% in a single session. Pension funds should lean heavily on their advisors in this time.”
Businesses feel under pressure to raise their prices due to labour costs, according to Chambers Wales South East, South West and Mid’s first Quarterly Economic Survey of the year.
85% of businesses in Wales stated that labour costs, including salaries, pay settlements and contractors, were a key business pressure in the first quarter of the year, with the concern rising from 81% in Q4 of 2024.
Increases to the National Minimum Wage (NMW) and Employer National Insurance Contributions (NICs) from 1 April and 6 April respectively are also factoring into businesses’ plans to raise prices of their goods or services by up to 15% to cover costs. 44% of Welsh businesses surveyed shared that they plan to raise prices because of both NMW and NICs, while 10% suggest that they will increase prices because of the National Insurance increase only.
More than three quarters of businesses in Wales (76%) revealed that the size of their workforce remained constant in the last three months, with the number attempting to recruit in Q1 falling to 40%, compared to 45% in the previous quarter. More than half of Welsh businesses (58%) expect the size of their workforce to remain constant in the next quarter, while 23% plan to increase their workforce.
The Quarterly Economic Survey for Q1 also showcased the successes and confidence of businesses as they began the new calendar year, with 39% experiencing an increase in export sales and bookings, 28% increasing investment plans for plant, machinery, technology and equipment, and 45% predicting that turnover will improve.
Gus Williams, interim CEO at Chambers Wales South East, South West and Mid, said: “In our recent Quarterly Economic Surveys, including this survey for Q1, recurring concerns for businesses centre around labour costs and taxation. As changes are set to come into effect in April, businesses in Wales are having to review their goods and services prices, ongoing costs and recruitment plans.
“While there have been glimmers of optimism in exporting and some aspects of investment this quarter, firms will require reassurance and action from government to avoid stagnating and unlock growth. The Office of Budget Responsibility’s revised growth forecasts suggest that economic growth is less certain this year but will be a longer-term achievement.”
David Peña, Director of International Trade at Chambers Wales South East, South West and Mid, said:
“Tariffs and other trade barriers have historically shown their inefficacy when it comes to fostering long-term economic growth and competitiveness of products and businesses.
“Increased levels of uncertainty paired with slow economic growth paint a grim picture for Welsh businesses, all while inflationary pressures are still present. The effect of increased global tariffs will be impacting all sectors: from exporters seeing their products becoming less competitive overseas, to importers seeing their supply chains impacted, to final consumers on all receiving ends.
“We expect our politicians to keep dialogue channels open and arrive to satisfactory agreements. Tariffs and trade barriers that are raised can also be taken down.
“Chambers Wales South East, South West and Mid stands ready to support businesses in Wales through market turbulences and will always work with partners and stakeholders to find alternative and innovative ways to keep trade flowing. We stand for trade, commerce and economic growth.”
Older workers are being left behind in the job market, with the employment rate for over-55s still far below the government’s 80% target, according to the State of Ageing 2025 report from the Centre for Ageing Better published this week.
The report also highlights stark regional inequalities, with over three times as many 50-64-year-olds in work in the South East compared to the North East, delivering an £86 billion boost to the South East’s economy while other regions struggle—particularly the North West, where ill health is a major barrier to employment.
Steve Butler, CEO of Pension Potential, part of Punter Southall, agrees with the findings and urges both government and employers to act. “The traditional cliff-edge retirement model is outdated. Many older workers want flexible options or a phased transition into retirement, but policies and workplace practices haven’t kept pace. Today, many people in their 50s and 60s are looking for flexible work options or even a gradual transition into retirement and government policies need to reflect this.”
Without action—such as mid-life career reviews, flexible working, and better retention strategies—Butler warns older workers face a “perfect storm” of being unable to retire yet struggling to stay in work.
Dr. Carole Easton, Chief Executive at the Centre for Ageing Better, adds that regional inequalities further stack the odds against older jobseekers. “Where you live has a huge impact on your employment prospects in your 50s and 60s.”
Emily Andrews from the Centre for Ageing Better calls for urgent reform before any changes to the state pension age, advocating for more financial assistance for those who cannot work and tailored support for those who can.
“This isn’t just about employment figures,” Butler adds. “It’s about recognising the value older workers bring to the workplace and ensuring they have the support they need to keep contributing.”
About Steve Butler
Steve Butler, CEO, Pension Potential is an expert and advocate for age diversity in the workplace. He is the author of several books on the topic including ‘Manage the Gap: Achieving success with intergenerational teams’ and The Mid Life Review; A business leader and serial entrepreneur, Steve is passionate about helping people maximise their retirement income.
Gus Williams, interim CEO at Chambers Wales South East, South West and Mid, said:
“As expected, there was not much in terms of new announcements in the Chancellor’s Spring Statement today. The OBR forecasts highlight economic concerns already familiar to most businesses in Wales. Inflation concerns have not yet disappeared and there are worries about business and consumer confidence.
“Infrastructure and housing falls within the remit of the Welsh Government and like the rest of the UK, Welsh businesses support the prioritisation of simplifying the planning system but are keen to see the proof of this with spades in the ground. The industrial strategy and increased defence spending we hope will have a positive impact in Wales where the manufacturing and defence industries have a significant presence. Infrastructure investments are proven to boost economic investment, and channelling more spending out of the civil service and directly into infrastructure and increasing the amount of funding available to Wales is also welcome, providing the right projects are chosen.
“It is difficult to see any significant improvement in confidence and investment driving economic growth without capital investment led by the government. The government remains bound by fiscal rules that I would argue ignore the economic impact of borrowing to fund capital investments. Part of the problem has been the lack of any robust return on investment analysis on government spending.
“Consumer confidence remains hamstrung by a two-tier economy. The success of healthcare, welfare, and employment reforms will hang on whether they manage to improve overall employment and wage growth; this will be a big test over the next 12 months. The government has been clear that this is how it expects to be judged in the long term.
“Business owners are facing significant headwinds, the full impact of which we are yet to see. The economy could break out of these headwinds but the government will need to lead the way – just cutting spending will not change much, reform needs to achieve change.
“Global trade remains the government’s other major challenge. At the moment the government is trying to balance its relationship with the US and EU and whether events will force them off the fence one way or another remains to be seen. With domestic demand static, growth may be dependent on how the global trade environment now evolves.”
