Market talks
months. Put it in the bank and don’t touch
it. If you can do that you have great flexibility
in case you lose your job or decide you hate
your boss and can’t stand it any more. You
can almost certainly find work in six months
and if you have your emergency savings you
retain the freedom to control your own life,
as opposed to letting circumstances control
you. My husband and I stuck to that principle
and it just gave us confidence that we were
running our own lives.
We didn’t pad our
own pockets, we
didn’t spend money
unnecessarily, we
didn’t fan our own egos
The proposed Lloyds
TSB-HBOS merger
sparked fears of
more job losses
I saw my sister last week and she told me
that her investment fund for her retirement
has gone down 30%. But she’s 51 and not
But you must manage the growth carefully. costs and working aggressively to boost going to retire for another 10 years, so it’ll
Slow growth in the early years is fine, your revenues. I think the governments are come back. My advice to most people is just
concept can be proven so that when the doing what they can to instill confidence in don’t panic. If you don’t need the money
money does become available, lenders will the economy and to encourage banks to now, then the markets will come back, and
see you as a good risk. Many people mistook begin lending again. There are many factors so will your investments. I do feel very sorry
a booming economy for great business skill involved; if energy prices increase again we for people who are in their early 60s and
and prowess. Many won’t make it. If you might remain in a downturn longer, but if they 70s because they need the returns now, but
recognise yourself as a “good time Charlie” stay down it could help the rebound. One of for everyone else it’s more about holding
now is the time to eat humble pie. the best pieces of advice I ever received was your nerve and just trying to reign back on
I’m under no illusions about my success to save up enough money to be able to pay the luxuries, the things that in your heart of
at Go, a lot of it was to do with timing; I was your mortgage and pay for groceries for six hearts you know you can’t really afford.
lucky. We started up the business at a time
when there weren’t too many competitors
The Bank of England
and we grew fast. I was lucky to have British
are working to soften
the blow of the
Airways as my backer, if I had been out there
credit crunch
trying to raise £25million, time spent on
developing the business would have been
restricted. There was a lot of luck involved,
but having said that we created the business,
from scratch. We didn’t pad our pockets; we
didn’t spend money unnecessarily, we didn’t
fan our own egos. I think there’s been a little
too much of that in the last three or four years.
The future
2009 is going to be tough in the UK, Ireland
and in the US, but I think it will bottom out
and 2010 will be better. I don’t know if it
will be an OK year or a great year, we’ll see.
At Jurys Inns we’re preparing ourselves for
tough times in 2009 by looking carefully at
14 TODAY’S BUSINESS WOMAN
T'sBW5 Recession.indd 14 1/12/08 6:31:46 pm
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