Oswestry21

Extremely sobering interviews on Radio 4’s Today programme this morning. John Humphries talked to Charles Bean, Deputy Governor of the Bank of England, and to Sir Peter Burt, former governor and chief executive of the Bank of Scotland. Both answered questions in a very measured and cautious manner, enabling much reading between the lines for the perceptive listener.

Apart from the already apparent indications of drying up of liquidity, credit and disposable income, both spoke of an unlikelihood of an early end to recession, talking of the possibility of adverse conditions lasting “for years”, and drawing comparisons with the 1970’s and even the Great Depression of the 1930’s with the added concerns of rapidly rising food and fuel costs. Charles Bean even spoke of keeping fingers crossed - surely a policy of last resort and one unlikely to inspire confidence in major town development nor take-up of space by retailers.

Of course, it maybe possible that Town and Borough Councillors have an access to some shaft of sunny optimism to which these two sober and concerned commentators from the summit of the banking world do not - in which case one wonders why they confine this knowledge to raising Oswestry Council Tax, allocation of wheelie bins and the odd pronouncement on pavement dog-fouling.

It would seem a matter of urgency for the town to face these economic realities head on, rather than to merrily hand it’s economic future over to outside developers and multi-nationals. Neither cheap food nor cheap oil will return, nor the certainties of exponential economic growth. An increasing degree of self-sufficiency in all aspects of production and consumption will need to become standard practise - for towns, cities and communities,  just as much as for individuals with an allotment, a bicycle and chickens in the garden. Transition Towns - express your interest now.