Whilst the British Olympians have blinged their way to Gold, Silver and Bronze medals, the highest par capita clutch so far, and behind only the U.S. and China in number of medals at the London Games, the U.K. economy is said to be flat-lining. However, Bank of England Chairman Sir Mervyn King expresses hope that the Olympians' training might prove some inspiration.
Yes, inspiration is what imbues the human heart, and the same may be true for the economy. Just as the athletes keep their goals in sight although some time and distance away, they continue to put in their faith to be able to compete and win....In that spirit, they work hard at their sport and keep in training, trying always to better their time over distance, building their stamina, and strenghtening their resolve to win, by the grace of God.
To use the sporting metaphor, when the athletes need water, it is no point to reduce the price of water, but to make sure water is available along the route. Similarly with the economy. Cutting the interest rate from the 0.5 percent may help, but money has to be available readily for commerce and industry - then of course production as well as consumption will pick up, there will be confidence to export and trade will grow further... There is always demand for British products overseas, be it biscuits, detergents, water pumps, vans, farming or building equipment.
The Credit Easing and stimulus the Bank of England has announced in the recent past will prove fruitful when it starts to feed through, if the High Street banks ensure that money is actually loaned on to customers, for purchase of cars or houses, investing in upgrade of run-down restuarants and stock-filling.
If the economy grows domestically as well as internationally, the resources the UK has at its command will have served well.
Let's live in hope and faith, as the Olympians have done, and throw out the remnants of doubt and recession out of the window.