El Tel Avoids Double Dip

Hello blog fans

In a week that has seen Icelandic volcano Eyjafjallajokull cast a pall of gloom over the airline and tourism industries, there may be just a glimmer of hope for the country piercing the miasma.

I have no doubt though in this specific instance those in the travel and tourism industries can point to a clear correlation between geographic and economic disaster. Strangely, how many of us in the world of HR thought we would end up scribing emergency volcano leave procedures in double-quick time?!

The Met Office has experienced a difficult week and come in for a bit of a bashing from the press with their dubious mathematical predictor of the effects of the volcanic extrusion drifting South that led to a total ban on flights and thousands stranded abroad – funnily enough including both my bosses from Sutton and Merton.

The glimmer of light comes from renowned commercial guru Sir Terry Leahy (El Tel), Chief Executive of Tesco fame.

Sir Terry is confident that economic recovery has started – giving us hope that the UK won’t go through a W-shaped (double dip) recession. Let’s hope that Sir Terry’s predictions are more accurate than those of the Met Office. In this week’s financial press Sir Terry is quoted as saying “The recovery has taken hold…customers went into recession in the summer of 2007 and they came out in the summer of 2009 – and they will stay out”.

Optimistically, a further flicker for the forlorn fraternity came from the International Monetary Fund (IMF) who are recommending, through a report to G20 nations, that the banks should be taxed and pay a ‘financial stability contribution’ and ‘financial activities tax’ on excess profits. The IMF recommends the resultant funds should go to repair the economic damage caused by the banking sector meltdown. Now, I don’t want to raise your hopes, but if this came off it might just lessen the impact on public sector retrenchment.

Don’t hold your breath just yet though – unless it’s to avoid an in-take of Eyjafjallajokull’s contents!

What do you think – is there some shred of light at the end of a very long, dark tunnel?


By | 2017-07-30T12:23:36+01:00 April 22nd, 2010|Categories: Dean Shoesmith|0 Comments

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