When you look around the world to see what is happening, I still feel it is difficult to (totally) buy into the concept of global recovery.

There are pockets of course - there always are (there are places and people who thrive in wars!), but generally, I perceive it is a fragile economic environment.

America’s unemployment remains high.
China is not as robust as it once would seem.

The Eurozone remains in disarray and the UK is struggling to get back on its feet although there are some signs of green shoots - I worry about the debt and the interest rate threat.

Central London property remains bubbly but are the banks really lending to small businesses yet?
Have you tried to borrow recently - mmm!

If you are a follower of the celebrated economist Jim O’Neil who coined the acronym BRIC to describe Brazil, Russia, India and China, I see he is now favouring MINT (is that normal or extra strong?) for Mexico, Indonesia,Nigeria and Turkey. Differing dynamics perhaps and less about demographics.

The word is that there is still turmoil to come, particularly in the developed economies where financial repression is still taking place (another word for stealing from savers) and where there could yet be some necessary inflation to repay debt. The perception that risk has already been priced into emerging economies is on the ascendancy and of those, one might skew towards getting minty?

Closer to home on the mainland of “Mann” there remains much to do.

E gaming and their associated industries is clearly a massive success story and there is no doubt, their success has protected us against recession.Great initiatives and we must keep on pushing out into new sectors.

Buy and build strategies in the FSP sector seem to be working but what is the exit strategy?

I really like the look of the emerging Biotech and Biomed initiatives and I welcome the more focused approach of Government and yet there seems little appetite to tackle the big issues of Pensions and Welfare.

It must be difficult in times such as these.

Cost control however seems to be biting, the “farmers averaging” of our reserves must surely also depend upon increased tax revenue - I wonder?

The funds industry remains quiet and the life industry - ahem - in change.

There is much to do and Harley is around to help!

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