At this time of year, many UK businesses especially in textiles will rightly be congratulating themselves on having seen through one of the most marked economic downturns in living memory for this generation.
Whilst the onset of the stock market decline and financial turbulence was fast, many businesses I have spoken to were taken completely by surprise at the decline of the major gold standard currency – the dollar, and the relative devaluation of sterling against the dollar and the euro, its other major trading partner.
I truly believe that we are now in a period of fundamental economic evolution, with the industrial economies of the UK, US and others exposed and challenged on the world stage by China, India and the Pacific Rim. The relative strength of the Chinese internal economy is notable. And what remains to be seen is whether the main western economies can revitalise and reinvent themselves and reverse a seemingly inexorable slide into industrial decline. Look to Canada as an example of a company that has retained and nurtered a solid industrial base - a model of good governence.
The opportunities, the will and the talent is there – and there are even glimmers of positive growth in some sectors. Both in terms of ideas, research, and ability to develop and commercialise. The challenge for the months ahead is to identify, harnessing, nurture, protect and exploit. A challenge for everyone from the bottom up and the top down.
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