The BOE with its usual reliance on metaphors of a nautical nature advise that the UK recovery is being impeded by heavier than expected headwinds. Apart from the overall Global backdrop the UK is facing some very serious challenges in the last quarter of 2011.
Confidence is low and events of last week have added significantly to the sense of gloom. Inflation is forecast to reach 5% by year end and the increased cost of utility bills as we approach the peak demand season for fuel will impact heavily on domestic and industrial consumers alike.
To pick up on the nautical theme, we are sailing into very stormy seas, so it is time to batten down the hatches and think about jettisoning any unnecessary cargo.
A tightly run ship i.e. contained overheads and strict control of both inventories and recoverables are undoubtedly the Captain’s Order of the day
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