What companies cannot do
Yesterday I was talking to a business leader from the North East of England who gave the best possible explanation of the reasons why infrastructure is essential to the economy.
As he put it (and I paraphrase) he can invest in better machinery, more factory space, better computers, better design and he can hire more staff and train them better.
But he cannot build a road network for his company, or a rail system, he can’t improve the national grid, ensure clean water, he is totally incapable of improving 5G or ensuring he and his suppliers can all use fibre optic internet connections.
Someone else has to do that and they have to do it for everyone, they have to ensure the infrastructure is fit for purpose, is as good as our economic rivals, is being improved all the time, and that it reaches all parts of the country.
That someone else is the government, but in the UK you would be hard pushed to realise that.
Jeremy Hunt’s “reforms” designed to improve productivity have not stopped the OBR downgrading the UK’s long term growth prospects.
That is utterly depressing, we are going backwards.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.
By Jonty Bloom Media