If you are really fed up with the endless debate about Brexit, read on. Lord King – Mervyn King, former Governor of the Bank of England – struck the head with the remark that the government's preparations for the Brexit had been incompetent.
Details were released from a BBC program over the ten years since the economic crisis, to be broadcast this week. In the interview he said that it is unfortunate enough & # 39; was that the world's sixth largest economy should talk about storing food and medicine.
He said that a government that can not take action to prevent some of these catastrophic outcomes illustrates a very lack of preparation & # 39 ;.
Lord King – Mervyn King, former Governor of the Bank of England – struck the headlines with the comment that the government's preparations for the Brexit had been incompetent
He's right, of course. Whatever your opinion on the Brexit is, and he is a leaver, the preparations have been terrible. But actually embedded in the interview was something much more important. He said that there were really big problems for the economy that were being neglected.
This, he explained, includes how people can save more money, such as how they can save for retirement, how they can save and finance for the NHS, and how they can save enough to care for the elderly. All these things were clear before the Lehman crash, let alone the Brexit. Successive governments have only made matters worse.
For example, the occupational pensions crisis was exacerbated by Gordon Brown's tax return when he went to work, and all the crap with the tax on pensions subsequently undermined the system. Failure to accept the Dilnot Commission report in 2011 on the financing of social care has further suspended this problem. I would like to add the other huge problems with the economies of the West.
How do we adapt to a world economy when China passes the US by 2030? How do we train people to adapt when Artificial Intelligence takes over many jobs? Why did Great Britain and Europe fail to develop high-tech giants to challenge the US and increasingly China? The most brutal one should ask ourselves what our competitive advantage is in the West?
Together with another 380,000 people, Hamish McRae said he received the horrendous e-mail from Alex Cruz, the chairman and chief executive of British Airways, about the details of customers who & # 39; compromised & # 39;
Finally, broadening the point of Mervyn King, there is the whole question of the addiction to debts in the world, which is still lurking more than ten years after the credit crisis. How do we deal with all the dangers that occur at an international level? And on a personal level, how do we teach people to manage their financial affairs wisely? Huge questions indeed. If this Brexit company has settled down, let's think about it.
We are not really an exclusive club. Together with another 380,000 people, I received the horrendous e-mail from Alex Cruz, the chairman and chief executive of British Airways, about endangering & # 39; of customer data.
If you call them, you get a similar statement, although not voiced by Mr. Cruz, but by a young sounding woman. He went on the radio to explain that it was not their encryption that had failed; it was something else, although quite a bit unclear. The markets took their signal and beat 3 percent of the share price.
Computer disasters are part of the business world and BA has had its share. In May last year it was its worst disruption ever and in July there was a malfunction. Sometimes they are bad enough to dismiss the chief executive, as in the case of TSB. Sometimes the management survives and we will see what happens to Mr Cruz.
The real charge against him is not that he presided over two serious mistakes. Rather, he does not have an intuitive sense of what BA used to do in the past. His experience is with American Airlines and the Spanish budget company, Clickair, which has subsequently merged with Vueling and under the Vueling-livery is now part of IAG, holding company for BA. BA still produces the lion's share of IAG profits, but is very vulnerable to the attack that it no longer offers premium brand value for the extra costs it entails.
Mr. Cruz has the decency to recognize that there is a problem. In an interview with The Mail on Sunday in January, he admitted: & # 39; There were a few days last year that were bad, so it had an impact on our reputation. & # 39; He added optimistically: "This year, I think, is the year we choose ourselves."