ICSM Business News: industry pleads for stability from the new Government after the disasters of Brexit, the mini budget, Liz Truss and the hikes in energy prices, interest rates and inflation
By Harry Mottram: British industry has fallen in line the views of Ian Carrotte of ICSM proprietor of the UK’s leading credit intelligence group dedicating to preventing bad debts and late payment.
“Following the disastrous Kwasi Kwarteng’s mini budget,” he said, “industry is crying out for stability. We cautiously welcome the new prime minister Rishi Sunil if he is able to calm markets and prevent the pound from falling in value against the dollar. Our economy is so reliant on a strong pound-dollar relationship since oil is traded in dollars. We need the government to act strongly on curbing inflation – working in harmony with the Bank of England – and supporting industry with the cost of energy and fuel. Those two imposters have hit so many firms and have had a huge effect on forward planning. This is where the Prime Minister and the new business secretary Grant Shapps need to act quickly and prevent the expected recession from becoming too prolonged.”
His call for action follows the survey submitted to the outgoing business secretary Jacob Rees Mogg organised by the Independent Print Industries Association (IPIA) which called on the Government to support ‘vulnerable businesses’ such as the printing and allied trades.
The trade website Print Week has reported on how the print industry has reacted to the appointment of the new Government in a piece by Jo Francis. She reported the IPIA’s Brendan Perring saying the UK economy needed stable leadership from Downing Street and decisions should be based on research. In another quote she reported on Zoe Deadman of KCS Print as saying: “Brexit has ripped the Conservative party apart and the UK economy with it. The sooner one of the two main parties launches a plan to get us back in the single market the better. We can ill afford the costs of the non-trade tariffs we are all now paying in industry.”
The need to face the reality of the bad trade deal with the EU negotiated by Boris Johnson’s administration is something many in industry feels needs to be urgently addressed. Jürgen Maier is vice-chair of the Northern Powerhouse Partnership, and a former chief executive officer of Siemens UK said this week: “The next government – whatever shade that will be – must focus on rebuilding the UK’s global reputation. There are a number of steps we can take to do this, including having a transparent and long-term economic vision that marries fiscal discipline with a long-term green industrial policy that the UK can lead globally. There is another policy option that no one yet has the confidence to reverse, and that is to rejoin the single market and customs union.”
There have also been calls to rejoin the single market by some conservative MPs such as Tobias Ellwood. He believes the move would help bolster the economy as well as resolve the problem of the Northern Ireland Protocol. And that bastion of the Tory Party the Daily Telegraph has been giving consistent editorials in support of rejoining the single market as the reality of the massive hit to the UK economy sinks in.
Whether Grant Shapps is more responsive to industries’ cries for help and a more business friendly policy we must wait and see said Ian Carrotte. “He does have a background in business having founded the PrintHouse Corporation, back in the day so hopefully he will be more proactive than the predecessor who quit when Sunak got the backing of the parliamentary party.”
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About ICSM Credit
ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel - while at the moment there's a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach - ask for details from Paul.
For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.
To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com
For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk