The 2014 Budget was an interesting mix of optimism and caution. On the plus side we have predictions from the OBR which include growth figures being revised upwards, whilst the budget deficit and unemployment are predicted to continue to fall. Perhaps most importantly the OBR predicts that later this year the UK economy will be larger than it was before the collapse six years ago.
But amid the good news the Chancellor, George Osborne, also injects a note of caution. The risk of instability in the Eurozone, volatility in emerging markets and the situation in Ukraine; all are factors which remind us of the “need to build our economy’s resilience.” And whilst George Osborne highlights the growth in both imports and exports he also cautions that “Britain’s got twenty years of catching up to do.” So the aim of the Budget was not just to help savers and investors but also to back businesses which export, invest and manufacture through means such as increased UKTI research and changes to export finance packages.
Making the most of these new opportunities will require a change of mindset away from ‘fire fighting’ and towards a fresh expansionist mentality. Those best poised to make the most of these new opportunities are leaders who can model the way into a new era of expansion, can inspire a shared vision and can enable others to act for the good of the business and its customers.