Contrast this with Federal Reserve statement on Dec. 13 which reports "robust underlying growth in productivity" alongside a view that productivity may be evidence supporting Alan Greenspan's speculation about a new economic paradigm.
The simple fact is that HM Treasury is so locked into its narrow view on money that it cannot understand the value of intangibles.
Whereas, in the USA, there is a value attributed to enterprise, initiative and wealth creation, the present British Government does not give credence to culture and especially the culture of of wealth creation.
Like Marxists governments before them, New Labour has attempted to put a glossy spin on centralisation and control with a pretense common good only to be found out by the reality that wealth extends beyond the factory and producer to the enterprising and visionary.
In a global, knowledge rich and citizen enfranchised era this will not do. There is a need for a new era of economic management based on how this new franchise where relationships lever value from tangible and intangible assets.