Leader’s blog: an eye on economic developments

In the modern day, no economy can act in isolation from global events and there can be no denying that the UK’s fortunes are tied in with decisions that are made by those in Europe. If the wrong decisions are taken or decisions are taken too late in the day the UK economy will suffer through no fault of anybody on these shores.

The relevance of this to the county council is very simple. If the UK economy struggles, the Government’s necessary work to cut down on the nation’s debts takes longer to reach its conclusion. If there are delays in that work then the public sector, including local government, will see more austerity in years to come.

The Government is also correct to encourage hard work and enterprise as one of the ways the UK can fight back against economic issues. We in Oxfordshire are lucky in that we have a resilient economy with a range of private sector businesses and respected universities. We need to build on that and continue to be a place that attracts new business as well as facilitating an environment in which aspirational Oxfordshire people can set up their own new ventures.

Life, however, would be much easier if the right decisions are taken abroad. I wish the Government the best of luck in its overtures to Europe requesting that leaders avoid walking in to pitfalls that may lie ahead. I hope that eyes and ears are open on the continent.