Editor’s corner – In the bleak mid-winter…

Katie Royals, 03/02/2023

On Wednesday over 500,000 workers across the UK were on strike. Among these were train drivers, teachers, civil servants and university workers. At other times, nurses, paramedics and mail workers have also all been on strike.

While this is going on, many are still struggling with rising costs and soaring energy bills.

Overwhelmingly, people appear stressed, tired and despondent. It really feels like we are in the midst of a cold, dark winter.

Many private wealth clients are largely immune to much of the impact.

Their children go to private schools, they use private medical services and, in general, do not rely heavily on public services. At the same time, while their bills may increase, they can largely still afford them without too much worry.

It may not be clear to them how hard many in the public sector are working in an increasingly difficult environment. However, speak to any nurse or teacher, for example, and it will become clear very quickly.

For this reason, it would be easy for the private wealth sector to ignore the strikers and cost of living crisis.

I believe this would be a mistake.

A strong and robust public sector is vital to the UK’s success and its ability to generate wealth.

Public services offer a safety net to entrepreneurs, allowing them to take risks without having to worry about funding any medical expenses, for example.

Equally, the education system is crucial for nurturing future talent and inspiring future generations. Without this, we risk losing out on the potential of thousands of young people.

I do not pretend to have the answers. But, I do think it would be a mistake for the industry not to be paying close attention.