L@B Brief - June 2023
29 June 2023
Hello again,
IT IS no wonder that economics has been called ‘the dismal science’ when it’s most prominent exponents can think of no better way of curtailing inflation than to send us into recession.
In difficult times, even the relatively insulated lab industry is thinking about how best to manage resources, especially as war-chests built up during the pandemic are now being eroded by inflation.
In economic downturns, one of the earliest casualties is often investment in productivity improvements or product innovation. So at the ‘Trade Unlocked’ conference this month, calls were made for the government to increase support to allow companies to innovate, export and make investments in productivity improvements at the same time. There was however, a general consensus that much-needed interventions were unlikely from a government which is currently doing very little and which according to chair of the International Chambers of Commerce, Paul Drechsler ‘has pretty much run out of steam’.
It is interesting to note that Oxford Economics, which provides the economic forecasts for GAMBICA, is considering making it a central assumption that the next government will be led by the Labour party.
Labour seems to be listening closely to business. Paul Dreschsler, commented at the conference that the party’s industrial strategy, ‘…has all the right headings. It now just needs the strategy, the resourcing and the follow through’. GAMBICA chief executive, Steve Brambley has already meet twice with Bill Esterson (Labour Shadow Minister for Business and Industry) to propose what we think should be included in an Industrial Strategy. Bill is keen to meet again, so we are positioning ourselves to help.
Toodle pip
Jacqueline
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