The yen in your pocket

21 August 2026|Tags: |

In November 1967, Harold Wilson gave his famous ‘Pound in your pocket’ speech. As Prime Minister of the UK he had just cut sterling’s fixed exchange rate against the dollar by 14%, and now attempted to persuade the British public that this did not affect them. He claimed: “It does not mean that the pound here in Britain, in your pocket or purse or in your bank, has been devalued.” He soon rowed back from this obviously fatuous remark: that

What’s happening in Japan? Kaizen it ain’t.

12 June 2026|Tags: , |

The Japanese term ‘Kaizen’ has been co-opted by Western management consultants and lifestyle gurus, and is taken to mean a culture of continual improvement: tiny, incremental changes, day after day that, after a long period, mean success. I vividly remember being shown around a Japanese-owned factory in the UK, where the management had recently presented one of their employees with a reward for having found a way to shave 1.7 seconds off the time it took him to complete one