The podcast that keeps you up to date with what is happening economy-wise in Northern Ireland. Telling you what you need to know but not necessarily what you want to hear. It is better to be prepared for the economic environment we are operating in and not the world we would like to be in.
Featuring Sam McIlveen, General Manager at NI Jobs (NIJobs.com)
Throughout August we’ve heard lots of comparisons between today and 1976, given the heatwaves and drought that affected both years. 2022 has been the UK’s driest year since and the driest in Europe for 500 years. Europe’s rivers, such as the Rhine, have been drying up with the record drought in China causing similar problems there. The Southwest of China depends on hydroelectric dams for three-quarters of its electricity generation. Rolling blackouts and business closures due to lack of power have become the norm.
While we have been dealing with the impact of the warm weather, it is the cost of heat, light and food for households this winter that should be on all of our minds. We are after all currently experiencing the worst inflation since the late 1970s and the spectre of industrial action has also returned; albeit not on the scale of the 70s.
I’ve been working as an economist for the last 25 years – for those with long memories they will realise that this period has included the credit crunch / global financial crisis, housing crash, Eurozone debt crisis, Brexit, Covid and a war in mainland Europe – and today is the most concerned and worried I have ever been about the near-term economic outlook from the perspective of its potential impact on people.