Posts Tagged ‘economics’

Radical change at the Bank of England

Tuesday, November 27th, 2012

George Osborne, the Chancellor of the Exchequer, yesterday appointed Mark Carey as the new governor of the Bank of England. He was previously the governor the Canadian central bank, but also worked in the private sector for Goldman Sachs.  So he is a man with a serious background in the banking but also an outsider.  He studied economics at Oxford and spent a decade in London, so he has some insight into our ways.  He comes with a relatively unbesmirched record as Canada was least affected by the world banking crisis.  So he represents a new broom, and a fresh set of eyes.  He is someone with no vested interest in the past and only interested in setting Britain’s financial house in order.

Sometimes it is necessary to just cleanse the Augean stable, and whilst one can never truly start over, having no past mistakes to defend can make it much easier to do the right thing.  In my experience, the wisdom often exists in a company to know what needs doing, what is more often lacking is the political will to take that path.

So if you are not in a position to bring a world class outsider to run your business perhaps you should start with a blank sheet of paper, forget all the reasons why you can’t do things and ask some fundamental questions:-

  1. What is it we are trying to achieve?
  2. What are key drivers?
  3. How do we measure success?
  4. What is required to make this equation balance?
  5.      … Then ask “Are we willing to do what it takes?”

Recession… breathing out and breathing in

Friday, October 24th, 2008

Recession is defines as “a decline in economic activity in at least two consecutive quarters”. Clearly we all prefer it when we feel the ‘Good Times’ are rollin’ but I find it odd that we are act as if we are surprised to learn that growth isn’t an infinite and constant process. Our economy is a living breathing organism and all living things go through cycles. No one worries that the trees aren’t in leaf all year round; that the leaves drop in autumn. We recognise the rightness and value of each season and whilst we (being British) might moan about the weather, we can enjoy a bright golden autumnal day as much as a beautiful spring one.

If we stop acting scared and just adjusted our activities to those appropriate for this economic ‘season’ there is no reason why anyone should worry. Change is a constant and wears many faces, if she doesn’t smile all the time, then that is ok too because we don’t trust people who walk around with a perpetual smile do we?

May Dame Fortuna smile on your endeavours.





“And you would accept the seasons of your heart just as you have always accepted that seasons pass over your fields and you would watch with serenity through the winters of your grief.” Kahlil Gibran

“In seed time learn, in harvest teach, in winter enjoy.” William Blake