There has been a myriad of opposition over Government’s austerity measures and attempts to restore public confidence are not as effective as had been hoped. The chief exec of Sainsbury’s, Justin King, says that it is an inconsistency in policies that are to blame for a lack of confidence as well as providing a solid foundation on which investors feel comfortable with.
King further believes that the public just isn’t ready to believe that things will get better any time soon and this is causing businesses to be leery of investing in jobs which would promote growth in the stagnant economy. He feels that nothing within the past couple of years has shown any effort towards establishing ‘clear policy.’ What the consumer is looking for is consistent rates and consistent tax policies.
For retailers, it is vital to know that consumers have money to spend and this is not materialising with households under an extreme amount of employment related pressure. This includes workers unable to get overtime and sometimes a lack of work altogether. However, King is not alone in his criticism of government although he probably is one of the most vocal.
Other business executives are adamant that bolder measures could be taken and that ministers are actually wasting time in Parliament with political agendas as opposed to focusing on jobs and economic growth. This is the attitude of the director of the British Chambers of Commerce, John Longworth who states the Queen’s speech lacked boldness.
Adding his voice to so many others, the director general of the Institute of Directors, Simon Walker, states that reforms must be enthusiastically pursued not only in principle but in practice as well. With so many in agreement, it is becoming increasingly evident that government is not doing its part to instil confidence in the public which is, in turn, impacting the entire economic environment of the UK.
