W(h)ither Europe?
Andrew Large, Chief Executive of the CSSA
Compared with recent EU summits, the recent get together in Brussels was a model of harmony and restraint. No snubbed handshakes, no all nighter and even a modicum of agreement before the end.
But, in the midst of all that accord, has anything actually been achieved and what might be the impact on the UK economy, jobs and growth?
Europe’s big problem is debt and the ongoing deficits that mean the debt is getting bigger. Greece, Portugal and Ireland have all been bailed out and it may only be a matter of time before Spain and Italy need the same help. Private creditors are being encouraged to take “haircuts” (losses) on their debts of up to 70%, which imperils their stability and their ability to lend to growing business to create jobs and tax revenues that will put Governments back into surplus. Germany has made it clear that its taxpayers are not going to be on the hook for other country’s debts, but without fiscal transfers it is hard to see how the indebted countries can get out of the mire.
On unemployment too, the news is not good. The most recent Eurostat figures show German unemployment at 5.5%, while in Greece the figure is 19.2% and in Spain 22.9%. For comparison, the rate in the UK is 8.4%. These unemployed people are all adding to the costs
Have you seen who made the cut?
TOMORRO CLEANI
TOMORRO CLEANING OW OW S PRODUCT AWARDS 2012
Click HERE to see who won an Award!
Vote for your overall winner by clicking HERE
Last month, we announced the Tomorrow’s Cleaning Product Awards 2012, which celebrates our chosen top products from the entire cleaning industry.
As the leading online cleaning industry magazine, we’ve seen our fair share of exciting and innovative products over the last 12 months, both old and new. The Tomorrow’s Cleaning panel managed to whittle down our selection to just 50 products that have really impressed us, and the Tomorrow’s Cleaning Product Awards were formed.
And now, you have the chance to vote for your favourite as well. We’ve already had hundreds of votes, but there’s still plenty of time to have your say before the readers’ choice is announced in May!
The future of our cleaning industry | TOMORROW’S CLEANING | 43 2 REGULAR
of Government, through benefits and not contributing in taxes, or in economic growth. All of this adds to the challenges felt by the Eurozone. It cannot be a coincidence that the withdrawal in bank lending and the rise in unemployment are happening at the same time.
Before we think we can sit back in the UK and watch Europe tear itself apart, bear in mind that all of this comes at a cost to us. The ability to adjust our exchange rate helps, but if the Euro were to break up, then the UK would dive headlong back into recession and our unemployment would increase, perhaps as high as 11%, figures last seen in the early 1980s. The Coalition Government has staked its reputation on the rebalancing of the British economy and the “March of the Makers.” A lot more effort to open markets and drive Britain’s competitive advantage is going to be needed before we can be confident of success.
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