Table of Contents
- Mismatch between perceptions of Britain as a lost economy and reality
- AI startup Wayze raised £800m for self-driving tech
- If AI could do the same for the NHS or the railways, the country would have something to celebrate
There is a huge gap between the public perception of Britain as a lost economy and the reality. In part this reflects the state of public services, with the NHS struggling, railways unreliable and our waterways and beaches laden with sewage.
But there is another UK of science, technology and business investment strengthening that promises brighter prospects.
The lagging FTSE 100 index is recovering from this, hitting highs in late trading of over 8,400.
The economic backdrop is clearly improving with inflation approaching the 2 per cent target, the Bank of England planning an interest rate cut and production going full speed ahead according to the normally phlegmatic Office for National Statistics.
An Investors’ Chronicle survey shows Britain is second only to the United States among the richest G7 nations with the largest number of ‘triple A’ companies, well ahead of France and Germany.
Improving economy: There is a huge mismatch between public perception of Britain as a lost economy and reality
Despite the defection of UK pension funds from the London Stock Exchange, the FTSE 100’s best-known names including Shell, Rolls-Royce, GSK and AstraZeneca enjoy backing from the elite league of managers Of funds. That is one reason why a move by Shell to the United States, as a result of the demands of climate change and taxes on North Sea oil, would be a disaster.
There is a tendency to underestimate the UK’s scientific base, particularly strong at the large research universities of Oxford, Cambridge, Imperial and UCL. Cybersecurity pioneer Darktrace’s takeover bid is a compliment to Cambridge’s invention. This reflects poorly on the country’s lukewarm attitude toward command and control of the nation’s intellectual property.
Foreign business leaders are needed to recognize our strengths. Siemens Healthcare is investing heavily in next-generation MRI scans near Oxford because it wants to be closer to top R&D scientists. AZ’s success with immunological cancer treatments is due to the determination of French CEO Pascal Soriot, etc.
Innovation continues at a good pace. This week alone, British AI startup Wayze raised £800 million in funding (much of it from overseas) for its self-driving technology which is already being tested on the roads of north London. Wayze’s demo model may struggle with potholes, a symbol of public sector dysfunction, but it had no problems with zebra crossings and tricky roundabouts. If AI could do the same for the NHS, as Jeremy Hunt plans, or the railways (if the unions allow it), the country would really have something to celebrate.
aircraft manufacturers
IAG, owner of British Airways, is flying high again as business travel across the Atlantic, its main profit generator, recovers.
Operating profits rose in the difficult first quarter and leisure travel to the Caribbean and Latin America is strong.
The pandemic may have been disastrous for Britain’s major airlines, but new pricing on valuable long-haul routes means BA is on a good trajectory.
What travelers need now is more reliability. There is still an unfortunate trend of planes leaving Heathrow for distant destinations like Bengaluru without checked luggage. Atlantic trade is booming, but the war in the Middle East is hurting traffic and revenue. However, both premium and no-frills airlines, such as Easyjet, are enjoying the resurgence in tourist travel. A big problem now is the shortage of new, fuel-efficient aircraft. Boeing is struggling with quality and Airbus is behind in fulfilling new orders. Who would have thought?
bevis brands
London’s city skyline has been transformed by creatively shaped tower blocks. In a time when more people work from home, you might think that enough is enough.
A 48-storey tower that is definitely not needed sits next to the Bevis Marks Synagogue, Britain’s oldest, dating back to 1701. It is actually St Paul’s Jewish Church. The shrine is both a functioning place of worship and a monument to the enormous contribution that Anglo-Saxon Jews have made and continue to make to the success of the United Kingdom as a global financial centre.
Today, the view of the sky is unobstructed, allowing worshipers to view the moon and stars from the courtyard. A vote by the Corporation to erase such a sacred celestial sight would be an act of sabotage.