Share to Twitter Share to Linkedin Recent years have been tough for the creative industries. First, the financial crash that started in 2007 took its toll, and then, the global pandemic of 2020 led many companies to shut their doors permanently. Now, the sector is facing another crisis: a potential global recession. What's a leader to do? The current economic climate—on both sides of the Atlantic—is uncertain, with many industries reeling. In the UK, inflation has risen to 10% , the highest level in several years, while real wages are falling. The Pound has slumped against the US dollar, making imported goods more expensive, and so has the Euro, which is down 14% year-to-date (YTD) . In the US, meanwhile, the stock market has been volatile, with trade tensions with China weighing on investor confidence. Since March, the Federal Reserve has raised interest rates five times, including three consecutive 75-basis-point rate hikes in June, July and September. The Fed's actions have been well-received by the markets, with stocks surging to new highs. But some argue that the Fed is behind the curve on inflation and that higher interest rates will only further damper economic growth. The International Monetary Fund (IMF)… Read full this story
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