Today, the UK economy is in a lot better shape. Growth of 3.2% in the year to July - the strongest in the G10 - and the fears that to hold off on rate rises would create potential for dangerous bubbles in credit markets have been enough to move the votes of Martin Weale and Ian McCafferty to vote for a 25bps increase.
Our balance of payments deficit is far too high. In fact we have not had a surplus on our trade in goods since 1982 and we have not had an overall surplus in any year since 1983 - 30 years ago. As a result, we are unable to run our economy at full throttle.
Globalisation has transformed the way we do business... Governments worldwide are grappling with the challenges, albeit with mixed success. And they are looking to each other for inspiration. In my view they could do worse than seek to emulate the success the UK is starting to achieve.
As I write, the likelihood of imminent rate rises in the UK still hangs in the balance, following the release of another strong set of employment figures and, shortly afterwards, a still surprisingly dovish Bank of England Quarterly Inflation Report, (QIR).
"It seems a muddle", I wondered aloud after he presented the Bank's latest outlook for the economy. What was his response? He glowered, and shot back: "You're muddled, I'm afraid." Sitting at his side, deputy governor Ben Broadbent duly chuckled at Carney's catty response. I was almost surprised he didn't offer a saucer of milk.
I am a skeptic. Some years ago, my mother 'blamed' this on my education in science. And it's true, over the years of analysing molecules and ideas I have become extraordinarily critical. I challenge most things I read in the news; doctors' diagnoses and marketing campaigns
With the UK economy said to be recovering for the first time in six years, any moves to restructure and guide the UK banking sector towards risk prevention is a positive contribution toward strengthening the economy.
oris Johnson today setting out some of the changes he and his economic adviser Gerard Lyons think would be necessary to see Britain benefit from continued EU membership is a welcome step in the right direction. But for all his robustness and rabble-rousing rhetoric, there were more than a few moments where the Mayor fell down on detail.
One of the areas to see the biggest falls in proportions of consumers cutting back is holiday spending. This time last year, over half (53%) of consumers said they would be cutting back on holiday spending in the coming months. That figure now stands 15 percentage points lower at 38%.
We know that unemployed young people want to work and that employers have vacancies they want to fill. In fact, our report highlights that 72% of business leaders see the recruitment of young people as vital to averting a skills crisis.
We want to see the UK close its goods trade deficit from a worrying £9bn; we want to see British businesses shipping UK products all around the world, from Cambodia to Canada; and we want to see these exporting companies creating jobs and wealth. If we want to realise this ambition, we will need at least three, possibly five, extra runways over the next few decades.
There is a great deal we could gain as a culture from being more questioning, which is not the same as being more cynical. Scepticism is what allowed the Age of Enlightenment to emerge in the Seventeenth Century, a liberation of arts and sciences from the stranglehold of religious orthodoxies.
Cultural differences do play a role in shaping migration, yet it is of lower importance for those migrants at top of the educational attainments. Migration policies should therefore strongly consider selection on migrant skills as a top priority, but above all easing the avenues through which talents are allowed in the country.
The Tory Lie Machine is desperate to distract attention from the fact that they've raised taxes 24 times, and that tax and benefit changes since 2010 will leave the average household £974 a year worse off by the time of the next election - while giving millionaires a tax cut. But when they choose to lie about Labour's plans, we're going to call them out on it.
Britain has benefited over many centuries from the amazing contributions of immigrants welcomed to our shores to build our biggest companies, sustain our NHS and win us Nobel prizes. And immigration will be even more important in future in a globalised economy. But it is because immigration is so important that it needs to be controlled and the impact of immigration needs to be fair for all.
Migration has always been part of the human experience. As the world's population has grown, so too has the number of people migrating. But have we reached the point where the developed world is no longer seeing a benefit from the economic migration of people from the developing world?