Britain's economic state is dire, according to Lord Rose, the ex-boss of M&S, as he shares his insights with our online platform.
In an exclusive interview with our website's Nick Ferrari, retail veteran Lord Stuart Rose, a prominent figure in the industry and avid remainer, has expressed his concerns about the current state of the UK economy.
Lord Rose, who is known for his role in the success of supermarket giants like Marks & Spencer and Arcadia Group, considers the decision to leave the European Union (Brexit) a 'catastrophic' one made by the previous government. He predicts that economists will continue to argue over the exact impact of Brexit for the next '40, 50 years'.
The UK, according to Lord Rose, is currently 'in a mess'. He believes that Britain is the 'only nation in the G7' that has failed to return to pre-COVID levels. The supermarket mogul suggests that the true damage of Brexit will never be fully understood by economists due to it being 'clouded' by various factors, including the war in Ukraine, global slowdown, and COVID.
Lord Rose is critical of the British government, which changed in 2010 when the Conservative-Liberal Democrat coalition replaced the previous Labour government. However, he expresses some approval of the current government, noting they have moved past the Corbyn era and taken on new ideas.
Inflation, a topic of concern for Lord Rose, devalues everything over time and must be addressed, he states. He acknowledges that efforts to lower inflation may negatively impact ordinary workers, such as teachers and nurses. Lord Rose warns that higher business costs could potentially increase prices in supermarkets.
Many large retailers have attributed rising costs, including employer national insurance contributions and new packaging taxes, to worsening food inflation in the UK. Lord Rose suggests that the country needs fresh ideas, fresh motivation, and fresh energy to overcome these challenges.
As the UK economy continues to navigate through these uncertain times, Lord Stuart Rose's insights provide a valuable perspective from a seasoned retail leader.
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