The R word

It seems that it is finally here.

According to a survey from the British Chamber of Commerce, the UK is facing a serious risk of recession within months.

The focus of the Assembly's Economic Development Department must change immediately. In economic terms, Wales is on a war footing and for the first time, we have some autonomy over how we react to this recession thanks to devolution.

This is no longer about managing its usual economic priorities but about ensuring that the Welsh economy comes out of this situation better than other parts of the UK over the next couple of years. It is about survival, not growth; it is about consolidation, not expansion, and critically, it is about retaining highly skilled jobs rather than attracting new ones.

The warnings are clear. Let us hope that our politicians have the courage to act accordingly.

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