I thank the Bank of Israel for this opportunity to present my views before this distinguished gathering. The past three years have been unprecedented in the history of the world economy. The crisis though not unique in terms of its nature has certainly been more global and intense in terms of its impact. The expanse of the crisis has tested all the limits of conventional and unconventional policy options available to policymakers around the world. In fact, the speed and intensity with which the US subprime crisis turned into a global financial crisis and then into a global economic crisis has led to a whole new debate on the dominant tenets in macroeconomics.
The London economy, like that of the rest of the UK’s, remains “mired in recession”. Unemployment in London in March 2009 was four per cent and had increased by more than 50 per cent over the previous 12 months. Other indicators of economic performance are also declining such as the levels of business activity and new orders. Business confidence is low and Londoners are tightening their belts to weather the economic storm.
In this environment it can, at first sight, seem counter-intuitive to examine the support available for people wanting to set up their own businesses in the capital. But London’s economy is heavily reliant on the rate of business start-ups. Existing small and micro businesses make up more than 90 per cent of all businesses in the capital providing jobs for nearly two million people. Many of these will inevitably fail in the current economic climate. London’s recovery will therefore depend to a large extent on these businesses being replaced with new ones. Amid the economic gloom there are some signs that the rate at which the economy is contracting is slowing down and attention is now inevitably turning to the measures necessary to help London out of recession.
This manual has been prepared with the assistance of service and engineering specialists to acquaint you with the operation and maintenance of your new vehicle. It is supplemented by a Warranty Information Booklet and various customer oriented documents. You are urged to read these publications carefully. Following the instructions and recommendations in this manual will help assure safe and enjoyable operation of your vehicle.
When it comes to service, remember that your dealer knows your vehicle best, has the factory-trained technicians and genuine Mopart parts, and is interested in your satisfaction.
