Tyger Tyger Burning Bright

No, not that William Blake famous poem or Chinese New Year but is it that beast stalking the long grass of the UK economy known as inflation.

There is one thing I always beat the drum about which is productivity and now I have added inflation to this ensemble. It is impossible to ignore that inflation is currently running at over 5% as I can see the real effects working at the coal face with business clients.

I do not have a crystal ball, economists and policy makers are saying the current inflation rate is only ‘transitory inflation’ and it will be gone before we really suffer from its long-term effects. It is only because I was a child of the Thatcher generation that I am able to say I have seen it before. In those times inflation averaged over 12% and some prices doubled if not trebled.

There are many reasons that contribute to the current rate of inflation, including a contracting market in energy suppliers or the cost of ‘big-ticket’ items increasing because of supply chain issues.

All the things I have mentioned for the current rate of inflation are very similar to those of the 70s where we had a weak pound, a fuel crisis and the government injecting money into the economy through high wage settlements for public sector employees. In the same way during the last 24 months the government has borrowed record sums to deal with COVID and prevent a free fall in the economy.

The real difference now though is interest rates have not increased to counter-act inflation but will the macroeconomic policies see a comeback in the UK under the conservative government?

Unlike the Thatcher era, when the ‘Iron Lady’ went into battle with unions to put a stop to higher wage growth, we cannot follow the same route, because unions are not as strong as they were, so instead we need to reward productivity. It is only with improvement to productivity that we will be able to move forward.

That is why we should take the opportunity in this new flexible office and home working environment to maximise productivity by working smarter and keeping that big beast at bay.

It is an old adage, more for less and get rewarded. Unless we now adopt this strategy, we will find other countries will leave the UK behind.

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