There is something special about Sunday morning, the Sunday Times, hot croissants with honey and butter, excellent.
Headlines – it is the Jubilee week-end and I am particularly grateful for the pull out guide to the flotilla. Slightly concerned – little signs of activity on the Irwell so far. There was much more action for the plastic duck race.
Economics news this week, bit thin on the ground. Money supply and lending the best the Bank of England could offer. The PMI Markit surveys shocked markets with poor data on UK manufacturing. News from Europe equally concerning, the Spanish banking crisis accelerates as 100 million euros take flight. Bankia needs more support to stop the head office toppling over. The big four have been called in to review the banking system and the Spanish PM calls for a more centralized authority in Europe. Time for action, Europe needs Blitzkrieg not nuance.
David Smith, headlines with Rock Star Economics could break the bank. Yes, Paul Krugman was in London last week. Nobel prize winner, Professor at Princeton, blogger at the New York Times and author of End this Depression Now. Krugman argues for more borrowing to break the cycle of despair.
Difficult book to read this since Krugman carries so many debates in his head that spill out into prose. It takes 200 pages before we get to – What It Will Take – to end the depression. Then David Smith disagrees.
The problem for policy is the structural deficit is much larger than policy makers admit. Consider that in Q1 2008, borrowing was 3% of GDP and growth was at least 5% above trend rate. The structural deficit is currently 65% of the deficit. Growth will mitigate but not resolve the critical debt reduction requirement.
Check out the Saturday Economist for more economics and the latest discussion papers. Now also available as a Prezi on line. A Prezi – what’s a Prezi – it’s the ultimate ZUI.
Back to the day job, Monday, team meeting in the morning and the rest of the day working on the outstanding research papers on banking, property and more.
Tuesday, Jane Haxby, from Squire Sanders is in for coffee to discuss pro.manchester and plans for the sector groups with more engagement the plan. Always a pleasure especially since Jane has a keen interest in economics.
Later Steve Luty calls in to discuss the plans for Nationwide and commercial lending into the SME sector. Nationwide will be a good addition to the access to finance options in the Growth Hub.
Wednesday, visit to the ThinkLab at Salford University looking at 3D socio economic modeling with Professor Terrence Fernando. We have a look at a multi dimensional model of pro.manchester. Excellent. Back to the office – Will Kintish is in to advise on my LinkedIn profile. Always best to talk to an expert and Will must be one of the best for LinkedIn and networking advice.
Lunch with Tim Roberts from i-Com follows which is always interesting. Tim outlines his growth strategy which is working out well. Arrange to meet with Mindy Gofton, the i-Com head of SEO and a specialist on Google+.
In the afternoon, Laura Wolfe from Journey 9 is in to talk about the forthcoming SME club event in July – “Developing profits on line.” Good exchange of ideas – we are excited about this event. Laura will do a great job.
Thursday, in the morning I meet with Keith Johnston from Addleshaw Goddard and a member of the Greater Manchester LEP. This follows a meeting with the Business Development Committee. We discuss development of earlier research this year, to assist the GM LEP in the identification of challenges and impediments to growth in the FPS sector in Greater Manchester.
Friday, BusinessDesk break the news on the pro.manchester results. Headlines – A SURGE in membership and a trail blazing sponsorship deal with Royal Bank of Scotland helped pro.manchester grow revenues by 5% – despite losing financial support from the NWDA. Excellent.
Saturday, working in the morning, the day starts as usual with tea, the FT, and the Economist app. The Economist leads with morals and the machine – teaching robots right from wrong. The sub editors are having a field day, with parasites, the risk of global worming; corruption – you get who you pay for and natural gas – shale of the century, just a few from the many great headlines this week.
In the afternoon, tennis, it is a 4 – 6 set back as Mary returns to form.
Hope all is well, more news next week,
John
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