Inflation is key says Portillo
TOUGH-TALKING Tory Michael Portillo yesterday claimed the fortunes of Teesside businesses depend on the Government’s ability to keep a lid on inflation.
Speaking at a special event to mark the 60th anniversary of law firm Mincoffs - which is due to merge with Stockton firm Jacksons from October - the former politician also warned firms were in for a bruising year as rising raw material and fuel costs squeezed margins.
He said: “It is terribly important for business that Britain continues its fight against inflation. This will be the key to controlling the economy. Nobody is very well placed at the moment and Teesside businesses are on the front line of this downturn. Interest rates will remain high in the short term.”
Despite this gloomy prognosis, he believed continued investment in new technologies would help local businesses survive the economic crisis and help Britain to meet its energy needs.
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