• Stephen Walters

New Year thoughts

I had recently read that Tesla is suffering production problems. This article shows the company’s teamwork and problem-solving seems to be superb. Observing that demand for Tesla vehicles continues to rise, I shall continue to hold faith with the theme of future mobility and electric vehicle technology.

Here is a picture of UK’s public sector debt since 1994. I show it not because it interests me, but because it appals me that as a nation we owe almost 100% of our GDP. How will we ever pay that off? Likely we’ll load much of it onto the backs of our children and grandchildren.

With all these fires, floods, storms and hurricanes, no nation is exempt from the impact of climate change. Old infrastructure is failing everywhere, and I wonder if UK national debt explains why our government seems not much interested in infrastructure renewal - except for vanity projects. At the same time I see dismal headlines about misspent money - for instance MoD wasting billions on tanks and frigates that don’t work as intended. I suppose beside a national debt of £2,223 billion, MoD wastage looks insignificant. Although I'm holding on for the private sector to grasp the need for infrastructure renewal, I confess I haven’t much faith in that either, because we know from our ‘modern’ hospitals, schools and housing that the finished product is often ticky-tacky. My hunch for 2022 is for slow growth owing to covid and inflation suppressing demand; low interest rates lest governments slip into irredeemable debt; and a widening chasm of deplorable inequality across the world. When I reflect how privileged I am, I feel guilt that my work is about investment, even though it be mostly ESG. Wishing us all a clearer conscience than I have right now.