Export 'is the key to recovery'
January 20th 16:01 Cost Management
Effective facilities management to boost cost control for UK firms could become increasingly important unless economic recovery continues, it has been suggested.
The latest economic forecast from the Ernst & Young ITEM Club said a new decade of "painful readjustment" is required in order to make up for the over reliance of borrowing seen over the last ten years.
Professor Peter Spencer, chief economic advisor to the organisation, said: "We are no longer in a position to borrow – the massive debts that we racked up in the last decade now need to be repaid."
The expert explained that in order for UK businesses to sustain growth they must invest more heavily into breaking into markets such as China while continuing to export goods and services.
"Growth is almost totally dependent on a sustained upturn in the world economy and upon the energy and enterprise of UK exporters of our prized goods and services, from whisky to water pumps, and education to entertainment, to cash in on a rebound in world trade," he added.
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