There is something special about Sunday morning, the Sunday Times, hot croissants with honey and butter, excellent. Want to win a free breakfast for two at Carluccio’s? Just click on the link and let us know your favourite croissants, plain, chocolate, almond, vanilla, whatever. That’s all it takes.
Headlines – Parliament may close for five years. Antiquated plumbing, dodgy pipework and poor communications the problem. This is no way to talk about the House of Lords internees but a £3 billion refurbishment for the building may go some way resolving the crisis.
A familiar yellow stain crept along the ceiling of Theresa May’s office last summer according to the detailed article on page seven. Problems with the House of Commons lavatories blamed at first but issues with Home Office policy and a visit from a Unison police delegation also came under investigation.
Is the five year closure of parliament part of the cutbacks in Chancellor Osborne’s rethink? Could be but …
David Smith, suggests the wrong kind of cuts are leaving Osborne struggling. The Chancellor is in a deep bind, rising current expenditure and weak tax revenues present the Chancellor with little room for manoeuvre. The VAT hike and capital spending cuts are as well tailored as a pair of Wallace and Gromit Trousers.
Economics news this week, the UK recession is not as bad as feared according to the latest data from the ONS. Revised figures from the construction and manufacturing sectors, suggest output fell by 0.5% compared to the 0.7% first feared. Good news or is it? A closer look at the pattern of expenditure suggests the economic strategy is way off plan.
The overall pattern is of zero growth, imports increasing faster than exports, government expenditure outpacing household expenditure and investment lagging demand. A complete reversal of policy objectives of export, output and investment growth.
This week the ONS also revealed the latest government borrowing figures. Last year the government repaid £2.8 billion in July but this year the government borrowed £0.6 billion. For the year to date excluding the Post Office Pension Fund delivery, borrowing is £45 billion compared to £36 billion last year, 25% higher in just four months.
Down load The Saturday Economist for the grim details of the forecasts for the year.
Back to the day job, Monday, first day in the new offices. The move has gone well and the team seem happy in the new environment. My far more modest office is fit for purpose, the team have a great open plan facility plus we have a large meeting room for general purpose sessions and visitors.
In the afternoon, it is part two of the Dragons session at the Town Hall. The team of young people tasked with the job of assessing best use and practise for the new library, the employment centre and political engagement challenge present their findings. Really impressive youth ideas on all fronts. A valuable two hour session.
Tuesday, early start, it is a breakfast meeting with the CEOs of MIDAS, Marketing Manchester and the New Economy. Enjoyable and useful exchange, we should do this more often!
Later coffee with Iwan Griffiths the new regional head of PwC. Manchester must seem quite a challenge after four years in Tokyo but the language barrier is less of a problem,
いらしゃいます. That’s welcome by the way!
Wednesday, Donna Fitzpatrick is in the office to discuss plans for future pro over the next nine months. We meet in the new meeting room, a first ever in that place!
Thursday, meeting with Paul Johnson the Chairman of pro.manchester as a monthly update with a pre board meeting agenda. This is followed by a meeting with Paul Smith from Duff and Phelps. We formalise the arrangement for a series of “Economics Dinners” in Manchester, Leeds and London over the next twelve months.
Friday, day out of the office as we make a family visit to Lancaster to see Mary’s family. Still time to tap on the keys in the morning to sort out a few work related issues.
Saturday, working in the morning, the day starts as usual with tea, the FT, and the Economist app. The Economist leads with Mitt Romney, So Mitt, what do you really believe in? The candidate may have to reinvent himself as a likeable, sympathetic guy to take office in The White House.
In the afternoon, Tennis, it is a eight – six win, Yes a win, as in I win,
Hope all is well, more news next week,
John
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