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10 Year Challenge: the Economy and the Environment

Thursday, 24 January 2019

If you’re a millennial or baby boomer, the likelihood that you look back on the year 2009 with fond memories in relation to your job, home or financial situation is very slim.

A decade ago, the UK was experiencing one of the worst recessions of its time. Following the credit crunch, Great Britain was plunged into economic turmoil and a pretty bleak state of affairs. Unemployment rates were staggering, and major retailers such as Woolworths and Barratt Shoes were forced to close their doors. British Airways made such big losses that they asked their employees to work for free in order to stay afloat.

The UK economy has come a long way since then, with a predicted GDP growth of 1.6% in 2019, the global economy is strong, and the value of the pound is competitive. Despite political uncertainty, the UK is set to do well over the course of the next year.

Looking to the future, it is clear that environmental awareness is crucial for economic prosperity. If our current trajectory doesn’t change in relation to environmental degradation and widespread biodiversity loss, the global economy will suffer. Corporations and governments are going to have to radically change the ways they operate in order to halt or at the very least slow climate change.

Where we have seen huge changes in the impact of technology on the economy over the last ten years, the next innovative movement will be in relation to making environmental transitions for core business models.

“The time is past when humankind thought it could selfishly draw on exhaustible resources. We know now the world is not a commodity.”

According to the 2017 report from the Business and Sustainable Development Commission, achieving the UN’s Sustainable Development Goals opens up $12 trillion of opportunities. These lay within the food and agriculture, cities, energy, material as well as the health and well-being sectors. Considering that these sectors make up the majority of the real economy, these figures suggest that eco-innovation is key to economic growth.

Over the course of the next ten years, we need to transition into a green economy. This will mean developing viable alternatives for the fundamental infrastructure of society. This transition will be similar to the transition from the Industrial Age to the Digital Age.

To support this transition, Biscuit Recruitment are offering all new clients who are paving the way for this change to occur discounted service rates. This issue is a collective responsibility, and not one that businesses can pass the buck on.

Here’s to the next ten years, and a greener and more sustainable future.


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