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A Business Risk Management Expert’s Review of The 4-Hour Workweek

Keith Lewis 8 November 2023

In his groundbreaking book, The 4-Hour Workweek, Timothy Ferriss challenges the traditional notion of work, advocating for a lifestyle of liberation from the 9-to-5 grind. He presents a compelling framework for achieving financial independence and pursuing a life of freedom and fulfillment. While some may view Ferriss’s ideas as radical, his approach offers valuable insights for business leaders seeking to optimise their operations and enhance their personal lives.

As a business risk management expert, I am particularly intrigued by Ferriss’s emphasis on defining clear goals and eliminating distractions. He proposes a “DEAL” framework, consisting of defining, eliminating, automating, and liberating tasks, to streamline workflows and maximise productivity. By identifying and eliminating unnecessary or unproductive activities, businesses can reduce costs, improve efficiency, and free up time for more strategic pursuits.

Ferriss’s emphasis on automation aligns with modern technological advancements and the rise of artificial intelligence. Businesses can leverage technology to automate repetitive tasks, freeing up employees to focus on more creative and value-adding activities. This approach can lead to increased productivity, improved customer satisfaction, and a more engaged workforce.

Liberation, the final stage of Ferriss’s DEAL framework, encourages businesses to empower their employees and embrace remote work arrangements. By fostering a culture of trust and autonomy, businesses can attract and retain top talent, reduce overhead costs, and expand their global reach.

Here are five key takeaways from The 4-Hour Workweek that business leaders can implement to transform their daily practices and achieve greater success:

  1. Define clear goals and objectives: Clearly define the company’s mission, vision, and values. Establish specific, measurable, achievable, relevant, and time-bound (SMART) goals to track progress and ensure alignment with overall objectives.
  2. Eliminate distractions and unnecessary tasks: Identify and eliminate activities that drain time and resources without contributing to the company’s goals. Streamline processes, minimise meetings, and encourage employees to prioritise high-value tasks.
  3. Automate repetitive and routine tasks: Leverage technology to automate repetitive processes and data entry tasks. This frees up employees to focus on more creative and strategic work that drives innovation and growth.
  4. Empower employees and embrace remote work: Foster a culture of trust and autonomy, allowing employees to work remotely and manage their own time effectively. Empower employees to make decisions and take ownership of their projects.
  5. Focus on outcomes, not hours worked: Evaluate employee performance based on their contributions and outcomes, rather than the number of hours they spend at the office. Encourage employees to take breaks, recharge, and maintain a healthy work-life balance.

In conclusion, The 4-Hour Workweek offers a refreshing perspective on work and life, challenging traditional business norms and advocating for a more liberated approach. By adopting Ferriss’s principles of defining clear goals, eliminating distractions, automating tasks, and empowering employees, businesses can improve productivity, reduce costs, and enhance employee satisfaction. While the book’s title may seem like an exaggeration, its underlying message of achieving greater freedom and control over one’s time resonates deeply in today’s fast-paced and demanding world. As business leaders, we should embrace the opportunity to challenge conventional thinking, explore new ways of working, and empower our teams to achieve remarkable results.

Business Leaders’ False Confidence

False, ill-informed or misplaced confidence of business leaders in future business prospects

In the world of business, confidence can be a double-edged sword. On one hand, a leader with confidence in their business and its future prospects can inspire employees and stakeholders, boost morale, and drive growth. However, when that confidence is based on false or ill-informed assumptions, it can have disastrous consequences for the business.

Overconfidence can lead to a failure to recognise potential risks and threats, a lack of preparedness for unexpected events, and an inability to adapt to changing market conditions. In this article, we will explore the impact that false, ill-informed, or misplaced confidence of business leaders in future business prospects can have on a business, and what steps can be taken to prevent this from happening.

The Dangers of False Confidence

When a business leader is overly confident in their business prospects, they may ignore warning signs and fail to take necessary precautions. For example, they may assume that their products or services will always be in high demand, and fail to anticipate changes in consumer preferences or shifts in the market.

This can lead to a failure to invest in research and development, a reluctance to innovate, and a lack of preparation for future challenges. As a result, the business may become stagnant, losing market share to competitors who are more attuned to changing conditions.

Another danger of false confidence is that it can lead to a culture of complacency within the organisation. When leaders believe that their business is invincible, employees may become less motivated to strive for excellence or to identify areas for improvement. This can lead to a decline in product quality, customer service, and overall performance.

The consequences of false confidence can be particularly devastating in times of crisis. When a business is hit by unexpected challenges, such as a natural disaster, economic downturn, or global pandemic, leaders who have been overly confident in their business prospects may be caught off guard. They may fail to develop contingency plans or to take decisive action to protect the business.

This can result in a loss of revenue, customer trust, and brand reputation. In some cases, it may even lead to the closure of the business. For example, during the COVID-19 pandemic, many businesses that had been overly confident in their ability to weather any storm were forced to close their doors when the crisis proved to be more severe and long-lasting than anticipated.

The Impact of Ill-Informed Confidence

Ill-informed confidence is another danger that business leaders must be aware of. This occurs when leaders base their confidence in their business prospects on incomplete or inaccurate information.

For example, a business leader may be overly confident in their ability to enter a new market, based on incomplete market research or an inadequate understanding of local customs and regulations. They may assume that they can simply replicate the success of their business in other markets, without taking into account the unique challenges and opportunities presented by each market.

Ill-informed confidence can also occur when leaders rely on outdated or incomplete data to make decisions. For example, a business may continue to produce a product that is no longer in demand, simply because they are confident that it will continue to sell based on past performance data.

This can lead to a failure to adapt to changing market conditions, and a loss of market share to competitors who are more agile and responsive to customer needs. It can also result in a waste of resources, as the business continues to invest in products or services that are no longer profitable.

The Impact of Misplaced Confidence

Misplaced confidence occurs when leaders are overly confident in their own abilities or those of their team, without taking into account external factors that may impact their success. For example, a business leader may be confident in their ability to develop a new product, without considering the availability of resources, the competitiveness of the market, or the impact of regulatory changes.

Misplaced confidence can also occur when leaders overestimate the abilities of their team members. They may assume that their employees have the necessary skills and knowledge to execute a project successfully, without providing adequate training or resources. This can lead to a failure to meet deadlines, produce subpar work, or miss opportunities for growth.

In some cases, misplaced confidence can also lead to unethical behaviour. When leaders are overly confident in their own abilities, they may be more likely to engage in risky or unethical practices, such as falsifying financial reports or engaging in insider trading.

Preventing False, Ill-Informed, and Misplaced Confidence

To prevent false, ill-informed, and misplaced confidence from taking root within a business, leaders must take a proactive approach. This involves:

  1. Conducting thorough research and analysis: Before making any major business decisions, leaders must conduct thorough research and analysis to ensure that they have a complete understanding of the market, their customers, and their competitors. They must also stay up to date on changes in regulations, economic conditions, and other external factors that may impact their business prospects.
  2. Encouraging open communication: Leaders must create a culture of open communication within their organisation, where employees feel comfortable sharing their thoughts and ideas. This can help to identify potential risks and opportunities that may have been overlooked, and ensure that everyone is on the same page when it comes to the business’s goals and objectives.
  3. Emphasising continuous learning: Leaders must encourage their employees to continue learning and developing their skills, to ensure that they are equipped to adapt to changing market conditions. This can involve providing training and development opportunities, promoting a culture of innovation, and rewarding employees for taking risks and experimenting with new ideas.
  4. Building a strong team: Leaders must ensure that they have a strong team in place, with the necessary skills and expertise to execute on the business’s goals and objectives. This can involve hiring new talent, promoting from within, and providing ongoing training and development opportunities.
  5. Developing contingency plans: Leaders must develop contingency plans for potential risks and threats, to ensure that the business is prepared for unexpected events. This can involve developing emergency response plans, establishing backup suppliers, and maintaining strong relationships with key stakeholders.

False, ill-informed, and misplaced confidence can have a significant impact on a business’s prospects for success. It can lead to complacency, a failure to adapt to changing market conditions, and a loss of revenue, customer trust, and brand reputation. To prevent this from happening, leaders must take a proactive approach, conducting thorough research and analysis, encouraging open communication, emphasising continuous learning, building a strong team, and developing contingency plans for potential risks and threats. By doing so, they can ensure that their confidence is well-founded, and that their business is well-positioned for long-term success.

Whilst there are some reports in some countries suggest that some business leaders are still confident in their future prospects, consumer confidence seems to be slipping away due to rising inflation and falling standards of living as wage increases fail to keep up with rising prices.

The current global economy is facing a number of challenges, including rising inflation, supply chain disruptions, and the ongoing war in Ukraine. These challenges have led to a decline in consumer confidence, which is a key indicator of economic health. As a result, business leaders need to take steps to protect and grow their businesses.


Here are some things that business leaders can do to protect and grow their businesses in the current economic climate:

  • Focus on cost-cutting. One of the best ways to protect your business in a weak economy is to focus on cost-cutting. This could mean reducing your workforce, negotiating lower prices with suppliers, or finding ways to operate more efficiently.
  • Invest in your customers. In a weak economy, it’s more important than ever to invest in your customers. This could mean offering discounts, providing excellent customer service, or simply being more responsive to their needs.
  • Expand your product or service offerings. If your current product or service offerings are not meeting the needs of your customers, you may need to expand your offerings. This could mean adding new products or services, or simply offering your existing products or services in new ways.
  • Expand into new markets. If your current market is saturated, you may need to expand into new markets. This could mean expanding into new geographic regions, or simply targeting new customer segments.
  • Partner with other businesses. In a weak economy, it can be helpful to partner with other businesses. This could mean partnering with suppliers, distributors, or even competitors. By working together, you can share resources and expertise, which can help you all to weather the storm.

By taking these steps, business leaders can protect and grow their businesses in the current economic climate.

Changing Business Advisers

There are a number of reasons why a business might choose to change business advisers. Some common reasons include:

A change in the company’s needs. As a company grows or changes, its needs for business advice may also change. For example, a company that is just starting out may need different advice than a company that is already well-established.

A change in the company’s financial situation. If a company is struggling financially, it may need to change its business advisers in order to get the help it needs to turn things around.

A change in the company’s management team. If a company changes its management team, it may also want to change its business advisers. This is because the new management team may have different ideas about how the company should be run.

A change in the business environment. The business environment can change quickly, and a company needs to make sure that its business advisers are up-to-date on the latest trends and developments.

If you are considering changing business advisers, there are a few things you should keep in mind. First, you should make sure that you are clear about what you need from a business adviser. What areas of your business do you need help with? What are your goals for the future?

Second, you should do your research and compare different business advisers. Talk to other business owners and ask them for recommendations. Read online reviews and compare the fees and services offered by different advisers.

Third, you should interview several business advisers before making a decision. This will give you a chance to get to know the advisers and to see if they are a good fit for your business.

Changing business advisers can be a big decision, but it can also be a necessary one. If you are not happy with your current business advisers, don’t be afraid to make a change. By taking the time to find the right advisers, you can get the help you need to grow your business.

Surviving a Recession: 5 Proven Strategies to Keep Your Business Afloat and Thrive

Navigating Uncertainty: How to Weather the Storm of an Economic Downturn

The UK economy is currently facing a recession and it is likely that many businesses will struggle to survive. However, there are several steps that business leaders and owners can take to help their companies weather the storm. Here are five top tips for navigating an economic recession:

  1. Cut costs: One of the most important things you can do during a recession is to reduce your expenses. Look for areas where you can cut costs, such as by reducing staff, renegotiating leases, or consolidating operations.
  2. Focus on cash flow: A recession can make it difficult to get paid on time, so it’s important to have a solid cash flow management plan in place. Make sure you have a good understanding of your company’s cash flow situation, and take steps to improve it, such as by offering discounts for early payment or by tightening credit terms.
  3. Diversify your revenue streams: During a recession, it’s important to have multiple sources of income. Look for opportunities to diversify your business, such as by offering new products or services, or by expanding into new markets.
  4. Invest in digital marketing: A recession can be a great time to invest in digital marketing, as it can be a cost-effective way to reach new customers. Make sure your website is up-to-date and mobile-friendly, and consider using social media, email marketing, and other digital channels to reach your target audience.
  5. Keep your employees engaged: Your employees are your most valuable asset, so it’s important to keep them engaged and motivated during a recession. Communicate openly and honestly with them about the state of your business, and take steps to support their well-being, such as by offering flexible working arrangements or mental health support.

By taking these steps, business leaders and owners in the UK can help their companies weather an economic recession and come out stronger on the other side.

Tips Description
1. Cut costs Look for areas where you can cut costs, such as by reducing staff, renegotiating leases, or consolidating operations.
2. Focus on cash flow Make sure you have a good understanding of your company’s cash flow situation, and take steps to improve it, such as by offering discounts for early payment or by tightening credit terms.
3. Diversify your revenue streams Look for opportunities to diversify your business, such as by offering new products or services, or by expanding into new markets.
4. Invest in digital marketing Invest in digital marketing, as it can be a cost-effective way to reach new customers. Make sure your website is up-to-date and mobile-friendly, and consider using social media, email marketing, and other digital channels to reach your target audience.
5. Keep your employees engaged Communicate openly and honestly with them about the state of your business, and take steps to support their well-being, such as by offering flexible working arrangements or mental health support.
Business Survival Tips During Recession

How do you make informed business decisions?

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UK should be more worried about repercussions from Nord Stream 1 and 2 pipelines being blown up by persons unknown than unsustainable tax cuts

Enterprise Risk Management Live magazine 28 September 2022
Nord Stream 1 Pipeline May Never Reopen 28 September 2022

If you think that Nord Stream 2 didn’t open then its loss could be regarded as insignificant. However, Nord Stream 1 was still sending gas at least at 20% capacity to Europe. Europe managed to build its gas reserves from amongst others Saudi Arabia and United States of America for this winter, but was presumably still depending on at least some gas coming through Nord Stream 1.

Wholesale gas prices had recently collapsed. This new interruption to gas supply is interesting. Who gains most?


What happens if there is no gas coming to Europe through either of these pipelines – ever? In short term at least, global energy price rises will accelerate. In medium to long term energy and their financial institution backers could collapse. Taxpayers around the world will be further indebted. Many, UK for example, are now on the hook for new gas price inflation. The UK government recently guaranteed gas prices to UK consumers for 2 years, a bill running at over £100 billion. Taxpayers will pick up this tab.

As EU threatens Russia, who it blames for attacks with retaliation, Russia blames USA. Where does that lead is to?

Great Depression 2023: risk horizon scanning

Horizon scanning 2023
Great Depression 2023

BusinessRiskTV.com Horizon Scanning: What will have the greatest impact on our future health and wealth – the pandemic or the economic depression which will follow the pandemic and last for rest of 2020s #BusinessRiskTV #ProRiskManager #HorizonScanning #RiskManagement #GreatDepression2023

Russia to Cut Europe’s Gas Flow via Nord Stream to 20 Percent Of Normal Flow Capacity On 27th July

Energy News Headlines Risk Analysis Debate
BusinessRiskTV.com Energy Industry Forum: Russia to Cut Europe’s Gas Flow via Nord Stream to 20 Percent Of Normal Flow Capacity On Wednesday #BusinessRiskTV #ProRiskManager #EnergyCrisis #energy #gas #europe

How to spend money wisely in business during a recession

A global recession is coming. How can you find business discounts to help you maintain profit?

Cost reductions and business discounts
How to spend money wisely in business


US house price collapse

Slumping commodity prices in the first week of July 2022 suggesting the financial markets anticipating global recession in near future

This week oil prices slumped to four-month low, copper prices fell 30 percent from recent highs, and wheat prices have collapse by 40 percent.

Falling future prices for commodities, particularly copper, has historically been good indicator of impending global recession.

Emerging Markets Shares Terrible Start To 2022

Emerging equities are set for their largest first-half drop since the 1998 Asian financial crisis with the MSCI benchmark down 17 percent year-to-date while China, the index’s single biggest component, is down 12 percent.

World Bank economists estimate 40 poor countries and about half a dozen middle income ones are either in debt distress or at a high risk of it.

Sri Lanka, Zambia, Pakistan and Lebanon are among countries negotiating debt relief with creditors or International Monetary Fund bailouts – expect the list to grow in the second half.

Global Central Banks To Begin Destroying Money In The Global Economy

Quantitative Tightening QT, the opposite of Quantitative Easing QE brought in to survive financial crisis 2008 and Pandemic Crisis 2020, is the new rule book. This will be in addition to interest rate increases, not instead of! Businesses and consumers are to be deprived of their previously almost free money supply.

First-ever round of global “quantitative tightening” is anticipated in summer 2022 and is expected to restrict credit and add economic, social and political stress to an already slowing troubled business environment.


The USA, Europe, UK and Asia Pacific areas are expected to beginning destroying record amounts of money sloshing about the global economy in an effort to balance the sinking ship!

Trillions of dollars has been pumped into the global economy, particularly by once wealthy countries. The historically poor countries are going to default on their sovereign debt. Sri Lanka is one example of a country who already has due to rising inflation and mis-management of the pandemic crisis.

Money to change your car, buy a home or improve your lifestyle will become harder to get. Businesses will shrink their profit to continue to trade, but many will fail. A recession is coming, at best. A depression increasing possibility.

Central banks will increasingly delete money. The destroyed money supply will be painful, largely due to the mismanagement of domestic economies by central banks and national governments who may have thought the money-tree would always grow. It’ dying and increasingly quickly. We might get to 2023 without recession in some parts of the world, but 2023 will bring a global recession.

What happens during quantitative tightening

60% of low-income countries are already in debt distress or at high risk of it World Bank President BusinessRiskTV.com Enterprise Risk Management Magazine

David Malpass, President World Bank 19th April 2022

During the worst of an economic cycle good business leaders can trade successfully. They always have. Business leaders managing their business risks badly are more likely to fail over next couple of years. Good business risk managers will survive and eventually prosper; and grow faster cause the bad businesses have been weeded out.

We are not like others trying to control you with fear. Demoralising you is not what BusinessRiskTV is about. We want you to grow faster with less uncertainty even in the worst of economic political and social unrest storms coming. Healthy business risk profiles led by confident informed business leaders will successfully manage the worst business environment most business leaders have ever seen. Subscribe to BusinessRiskTV for free to :

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Will there be a recession in 2023?

Will there be a recession in 2023?

Are you focusing your limited business resources on the risks that matter to your business?

IMF Director suggests our business and economic risk management leaders run round like headless chickens when trying to manage risks

Our own national political leaders and our economic and business leaders on the world stage are frighteningly incompetent at managing the global business environment. If it is a deliberate management of risks for their own agenda or not, you as the manager of your business has to control the key risks you can control. That requires you to first know what your key risks are that could impact on your business objectives. Do you know what they are? If you do, do you know how vulnerable your business is or could your business be missing business development opportunities to grow faster? What are you going to do about these key threats and opportunities?

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Latest Bank Of America Survey Of The World’s Biggest Fund Managers Suggest Central Bank’s Have Less Pressure On Raising Interest Rates

The opinions of fund managers appears to be that in the middle of 2021 they think it is less likely now that the global economy will grow so fast it will need to be controlled. If they are right, there will be less pressure to raise interest rates cause global inflation pressure is now easing.

As many fund managers are normally wrong as they are right – at best – so their opinions should not been seen as accurate forecasting for the global economy. However, COVID infections are still out of control and global vaccination percentages are very poor so a cap on global growth will be in place for at least the next 12 months. This will limit global growth and therefore mitigate global inflation pressure. Central banks can probably breath more easily in that there is less pressure to push up interest rates.

Recent record rises of inflation in the USA suggests that America should be increasing interest rates now as it takes months for interest rate rises to control inflation. The Federal Reserve’s argument is like the Bank Of England argument that record rises in inflation are due to short term lockdown opening pressures on prices that will dissipate after things settle back to normal working and this will slow the rate of inflation naturally. This argument could be right – or national policy makers are behind the curve of what is real and enduring and will be forced to raise interest rates sooner than they expected or wanted.

Target inflation for many central banks is 2 percent – seen as healthy rate of inflation. Above this creates pressure to increase interest rates. Below this creates pressure to reduce interest rates. Inflation in USA and UK in June 2021:

  • USA 5.4 percent and exhibiting rising trend up from 5.0 percent in May
  • UK 2.5 percent and exhibiting rising trend up from 2.1 percent in May
  • Eurozone is around 2.0 percent

Bank Of England Deputy Governor, Jon Cunliffe, said on 14th July 2021 that rise in UK inflation is but a hiccup on the road to UK economic recover as the UK unwinds at different speeds across the 4 nations of the UK. The Bank Of England sees the recent increases in consumer demand and some restrictions in supply producing temporary high UK inflation rate. It does need see the conditions for increased demand and restricted supply persisting and are content to ride out the current bumps in the road to UK economic recovery from the pandemic without responding with an increase in central bank interest rate.

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Developed World Will Be Watching England’s Gamble On Its Exit Strategy From Coronavirus Pandemic Lockdown

Underdeveloped countries can only dream of having two thirds of its adult population being vaccinated against COVID-19, as England is fortunate to have. The UK Prime Minister, Boris Johnson, has decided to risk it all on removing most mandatory pandemic restrictions on 19th July, if by the 12th July the statistics remain as they are:

  • Infection levels are rising exponentially and likely to increase further post 19th July.
  • Numbers of people requiring hospital treatment are rising but the link between getting infected and needing to go to hospital has weakened substantially. The UK may now be entering a phase where COVID-19 causes pressure on the health system at levels normally seen in large flu outbreak rather than totally swamping hospitals, allowing millions of people with other illnesses to still be treated.
  • The numbers of deaths are rising but largely involve unvaccinated people and the numbers are small.
  • Despite UK’s high infection levels countries like Germany are still going to let people from Britain in especially if they have been vaccinated.
  • The Prime Minister is expecting business leaders to manage the risks of virus spreading and impacting on their business. Ryan Air, for example, have already announced that it does not matter where you fly to you will have to wear a mask.

By 19th July 2021 all UK adults will have been offered at least one dose of a COVID-19 vaccine. Those that choose not to be vaccinated have that right, but also the personal responsibility for their outcome in a society which will have very high levels of the Covid-19 virus circulating in every part of the country. Hospitalisations and deaths will increase as a result of not being vaccinated and the vaccines are not 100 percent effective, but not at levels seen previously during the pandemic.

Essentially the UK Prime Minister has decided that on balance it is better to unlock society in England during most school holidays in England, in the height of the warmest part of the year, rather than in the Autumn or Winter when hospitals are under greatest pressure.

At present in England under 18 year old’s are not vaccinated. The risk of serious illness to this age grouping is vannishingly small. Over 12s may get the vaccine in future but for now they will not be vaccinated, unlike in some developed countries.

England’s COVID-19 pandemic unlocking strategy on 19th July 2021 is effectively that it now wants as many people as possible to either get the vaccine or get the virus by the end of summer 2021 so that via the vaccine or natural antibodies from catching the virus will provide protection to society in the Autumn and Winter. Over 40s and clinically vulnerable will all have been offered double doses of a vaccine plus those under 40 suffer less on catching the virus. If the experts are right, this will mean that herd immunity will enable England to continue without another lockdown after summer, assuming that another vaccine resistant variant is not released on the world and England.

If the unlocking strategy in England works then others can follow when they have vaccinated at least two thirds of their population and the world will be able to live with covid-19 like it lives with the flu, probably forever. If it does not work? The political ramifications will swamp Boris Johnson at the next election in a few years and the UK will slide into recession again by end of 2021 – cause the only short term solution will be another lockdown.

Signs are that England’s lockdown exit strategy will work due to the current effectiveness of the vaccines but there is no doubt it is a big gamble. The rewards are also great if it works cause the UK economy will begin to soar in 2021 like it has perhaps never done before.

Why You Should Be Worried About The Future Of Booming UK Economy?

In an interview with the BBC, Bank of England chief economist Andy Haldane who votes on UK interest rate setting policy by MPC, astonishingly says the UK economy could see economic growth rate in the double digit realm!

He cautions business leaders and UK consumers by also saying increasing UK inflation may at some point move the UK from boom to bust. The UK experienced uncontrollable inflation rates in 1970s and 1980s and after high inflation rates take hold on any economy it is extremely difficult to bring it under control. The chief economist thinks the UK should ease up on economic stimulus but by reducing printing of money through UK quantitative easing QE programme, not by increasing UK interest rates on debt that increase the cost of living in the UK and the cost of investing in business particularly small businesses.

Current and immediate future inflation risks are transitory as the UK recovers from the pandemic. UK prices will increase but the rate of inflation will fluctuate up and down. The Bank of England is not concerned enough to raise UK interest rates in short or medium term. The Bank Of England thinks the UK is no where near runaway inflation rates. It is forecasting inflation rate above the 2 percent target for the UK’s central bank by end of 2021. In 2022 and 2023, the Bank of England expects inflation to fall back to its 2 percent target. If the Bank of England is right, UK interest rates are not going to rise before 2024! Remember our most recent economic history includes economists worrying about inflation being too low! Countries like Japan have fought hard to increase inflation without success! Deflation brings falling prices, but also falling income and rising unemployment. Between deflation and inflation, inflation is the better of two evils! Although UK inflation doubled in April 2021 it is still only 1.5 percent – below Bank of England target.

“Another member of the Bank of England Monetary Policy Committe MPC, Gertjan Vlieghe, is reported as saying on 27th May 2021 he does not anticipate the first UK interest rate hike until well into 2022, with modest further increases thereafter. There is only one way UK interest rates are going to go now – after recent fears they could turn negative from record all time low of 0.1% – and that’s up. In normal circumstances it is likely that UK interest rates would rise in 2021, however the people in the know at the Bank Of England have all said this May that despite expected record economic expansion in the UK, interest rates are not going to rise until mid-2022 at the earliest, and arguable not until 2024, if everything in the UK economy goes as currently forecast by Bank Of England. You will never get a better time to get cheap money to invest in the future of your business so if you have dreams of starting a business or want to expand your business now is this time.”


Lloyds Bank Business Barometer reveals in May 2021 that UK business leaders are more confident in the UK economy now that at any other time since 2016. The UK economy is on course for its strongest growth in decades, perhaps ever.

In the USA, the economy is not only returning to good health quickly, the longer term looks set to grow electrically fast in 2022 and beyond too.

New USA unemployment benefit claimants plunged to their lowest levels since March 2020 – pre-pandemic times. American employers are scrambling to recruit new employees which should see USA unemployment fall relatively fast. Low unemployment underpins rapid sustainable economic growth. When the American economy grows the global economy grows.

“The New York Times has reported that President Joe Biden is planning to seek $6 trillion in federal spending for 2022. If agreed this will boost economic growth in America through 2022 and beyond.”


European stocks hit an all-time high on 28th May 2021. Rising confidence in the recovery of business and the economy in Europe are pushing up the value of European shares.

The number of new jobs available in the UK has not been this high for nearly 7 years. Or to put it another way, the opportunity to find a new job in the UK has not been this high since mid 2014. It is easy to surround yourself with doom-monger messages from the media that drag you down, but it you change your risk perspective slightly you can be bolstered inspired and motivated to see the massive business and personal opportunities opening up in the UK marketplace. Have more confidence – the UK economy is coming back!

UK Jobs Vacancy News May 2021

The UK Office for National Statistics ONS released new figures on 18th May 2021 highlighting the growing opportunity for the UK economy to continue to recover from the pandemic and for people in the UK to find a new job.

James Reed, chief executive of the Reed employment agency, told BBC Radio 4’s Today programme the firm was advertising 275000 new jobs in the hospitality sector in May 2021. This is the most amount of hospitality job vacancies advertised in any month since since February 2008.

More UK economy health figures released on May 2021 support the recovering strength of UK economy and businesses:

  • The reopening of non-essential businesses in April led to massive month-on-month jump in spending in the retail sector in the UK. UK retail sales jumped 9.2% in April according to the Office for National Statistics (ONS). Fashion retailing soared by nearly 70 percent compared with March 2021.
  • IHS Markit/CIPS also unveiled preliminary figures demonstrating a strong UK recovery following the partial unlocking of some businesses. Businesses expanded at record rates including manufacturing and services businesses.
  • Online sales remain very strong though slight tail off as shoppers returned to the High Street.
  • UK manufacturing is growing at its fastest rate for almost 30 years in May 2021. The Organisation for Economic Co-operation and Development OECD says the UK is likely to grow 7.2% in 2021, up from its March projection of 5.1% UK economic growth. The UK’s growth is set to be the fastest among the large rich countries, the OECD says. UK house prices rose 10.9% year-on-year in May according to the Nationwide which is normally relatively conservative in house price movement compared to the biggest lender in the UK which is Lloyds bank. Nationwide says the current level of UK house price is the fastest in 7 years.
  • UK construction industry activity surged in May at fastest rate in nearly 7 years according to IHS/CIPS Construction Purchasing Managers index figures. UK housebuilding in particular raced forward to try to take advantage of booming UK housing market.
  • The UK economy as a whole in May grew at its fastest rate since records began 23 years ago.

Although new variants are still a key threat to the continued rapid expansion of the UK economy, no evidence yet that a further unlocking of the UK economy will be delayed beyond 21st June 2021, according to the UK Prime Minister.

On the 1st June the UK government has formally announced zero coronavirus deaths in the last 24 hours. The 31st of May was a Bank Holiday effectively creating a long weekend. The figures announced by the UK government immediately after any weekend are normally lower, but the milestone of zero deaths from coronavirus is important for businesses. It highlights that although infections are rising due to variants of the virus deaths from the virus are not. The UK needs to open up the economy fully and manage the risks from the virus. We are no longer in the position where the balance of risks required businesses to close. There should be no delay in the reopening of the reminder of businesses closed to limit the spread of the virus. The number of infections may well increase but if deaths do not then people in the UK need to manage the risks without closing down businesses.

Previous Industrial Revolutions Brought New Machines Electricity and Computers But The 4th Industrial Revolution 4IR Has The Potential To Bring New Thinking New Power and New Ways Of Doing Business For Better Life On Earth For All If We Have That Ambition

As many parts of the world like Japan, for example, cannot produce enough people to support society due to changing demographics, the Covid pandemic gave us time to pause and think about how we make a better world to help solve world poverty, climate change, inequality and a general lack of ambition to do things better.

The best that recent generations can say is that although the world is not at peace, there has not been another and final World War 3! Whilst this is a fundamental ask of our leaders it is really a pretty low bar.

Since the global financial crisis of 2008, which could have become worse than WW3 if the banking system collapsed, world business leaders seem to have lacked ambition. Instead they have pocketed bonuses whilst in many cases continued to destroy shareholder value, as is still the case in some of the world’s biggest banks even after the 2008 global financial crisis.

The world’s banks will now come back to strength after a long period of existential crisis. However, they will prosper largely through ability to cut more costs including retail bank branches and staff, and their expanding clients wealth rather than real banking innovation. Banks are critical to future economic growth and growth of businesses as they supply the money to make new ideas work in practice. They can boost growth. However, if they withdraw their money it can also stop change.

Examples in the environmental protection world and world of politics include Scotland. Banks will continue to clamp down on their clients poor environmental protection performance as the general public increasingly moves onto greener policies and expected governance standards. This will also have massive political implications. In the UK the Green Party in Scotland has gained more seats in the Scottish parliament. The ruling SNP party does not have enough seats to push through its policies on its own and needs to garner Green party support for SNP policies which include issuing new licences for more oil and gas exploration. How does an independent Scotland materialise if oil and gas exploration is not supported by the Green party in Scotland and lack of investment from banks keen not to blot their copy book on environmental protection.

Yes countries around the world need to look at environmental protection. However environmental protection should not just be about the climate. It should be about the whole environment we live in. An holistic approach is needed. This includes equal access to good education, health and opportunities to grow.

4IR presents an new exciting opportunity to grow economy and businesses faster not seen seen the 1950s during the 3rd Industrial Revolution. The 1950s was a period of great wealth creation and social change instigation following WW2.

We may be at peak global Covid pandemic infection levels in May 2021. The world as a whole is recovering economically even as infection levels reach new record highs. When the world does slip off the peak and starts to recover, only our lack of innovation and creativity will hold us back from a better world post-Covid pandemic. Our lack of ambition may stunt progress and an opportunity for a better world will be missed.

Our world leaders may miss the opportunities to grow better and faster out of the Covid pandemic. Make sure your business does not with a more holistic business risk management approach to strategic, operational and project decision making.

UK Construction Industry Has Recovered From The Pandemic With The Exception Of Shortage Of Labour and Materials

UK construction industry output increased in April 2021 almost at same level as March 2021 which was a 6 year record according to IHS Markit/ CIPS construction Purchasing Managers’ Index PMI figures

The UK construction industry has grown in 10 of last 11 months and this during the worst economic period since WW2 due to the pandemic. New orders in the construction industry rose to their highest level since September 2014. The rate of job creation across the construction is running at highest level since December 2015.

World’s Largest Steelmaker Reports Strongest Quarter In A Decade

ArcelorMittal reported higher than expected first-quarter earnings. Core profit for quarter (EBITDA) was $3.24 billion, more than three times more year on year and higher than the $2.97 billion average forecast in a company poll of experts.

“We are seeing a continuation of the positive market dynamics of the fourth quarter and have been steadily bringing back production in line with the demand recovery, which is supported by low inventory levels through the value chain.”

CEO Aditya Mittal, 6th May 2021

The group said it had benefited from a strong recovery in steel demand led by the auto industry, resulting in higher steel shipments and improved margins.

This good news story from the world’s biggest steelmaker indicates that despite rising covid cases around the world including Asia and Latin America, the global economic recovery is already building momentum.

Can Enterprise Risk Management Work Without Strict Legislation Enforcing Level Playing Field Accommodating Greed and Corporate Social Responsibility In One Marketplace?

Enterprise Risk Management Magazine Review Environmental Social and Governance Risks

Environmental Social Governance Improvement Problems and Solution

The birth and death of the European Super League ESL is an excellent example of the failure of corporate social responsibility and is a lesson for other industries

The fact that the UK parliament would have enacted new laws to stop ESL was a big nail in the coffin of ESL project. Other business leaders, fund managers and business owners without legislative control will similarly pursue personal greed and enterprise risk management will be shown lip service.

The financial services must continue to suffer poor inefficient use of money stockpiled to pay for risk owners greedy mistakes. Even in 2021 after 2008 financial crisis the worlds biggest banks are destroying shareholder value and have been forced to raise billions of pounds in 2021 to pay for their most recent enterprise risk management failure even though they have been audited by biggest accountants and profess to have excellent enterprise risk management systems. God help us if the Wild West returns to financial services industry – the Covid pandemic would look like a vicars tea party!

The biggest story in the financial services marketplace in 2021 is the collapse of Archegos Capital. Archegos Capital was a family financial trading business that was largely outside of regulatory control but used by some of the world’s biggest banks like UBS and Credit Suisse to make more money for the banks. Archegos Capital collpased in March 2021 wrecking $10 billion worth of losses on world’s biggest banks.

  • Nomura suffered its worst business performance in a decade as a result.
  • UBS losses are close to a billion dollars.
  • Credit Suisse lost 5 billion dollars and had to raise finance of 2 billion dollars to survive.

Do you think UBS, Credit Suisse, Nomura and their auditors, the biggest accountants in the world, were proud of the governance risk and compliance GRC at these banks, prior to March 2021?

Credit Suisse has seen two executives and one board member exit over the Archehos Capital scandal. New chairman Antonio Horta-Osorio, previously CEO at Lloyds bank, said he will implement a risk management culture that “reinforces the importance of risk management” and “focuses on personal responsibility and accountability.” Did Credit Suisse not already have good risk management culture and personal accountability?

UK Business and Economy Review Spring 2021

EY Item Club forecasts at end of April 2021 that the UK economy will grow 6.8 percent in 2021 which is an increase in UK economic growth rate it forecast in January 2021 of 5 percent. This would mark the fastest annual growth in national income in UK since 1941.

The EY Item Club also predicted that UK unemployment will rise less than previously forecast. It expects UK unemployment to rise to 5.8 percent in the fourth quarter of 2021 – down from the 7 percent jobless rate it was predicting in January. UK unemployment rate was 4 percent before the pandemic.

Deloitte has reported at end of April 2021 that UK consumer confidence is at the highest point measured ever in the first 3 months of 2021.

Lloyds Bank, the biggest mortgage lender in the UK, said it experienced its best month for mortgages since 2008 in March as the UK housing market continues to boom. Any booming UK housing market means extra expenditure on home and garden improvements shortly afterwards. UK house prices increased at the fastest rate since 2004 in April 2021 according mortgage lender Nationwide building society figures, and are increasing at 7.1 percent year on year.

The CEO of Barclays bank thinks the UK economy is about to experience its biggest economic boom since 1948.

UK Business and Economy Review

UK Business Leaders Confident In UK Economic Recovery

Big 4 accountants Deloitte’s poll of UK Chief Financial Officers CFOs between 17th March and 30th March 2021 found that businesses are planning to increase recruitment and investment in their business. UK big businesses are now confident in their profitability over the next year. Most expect their business to return to near normal working between July and September 2021.

UK Business and Economy Review April 2021

UK Unemployment Under Control Cash A Plenty Herd Immunity

A BBC report at the end of April 2021 says bars and restaurants in the UK are struggling to recruit enough staff and some may not be able to reopen on 17th May 2021 as a result. If they do open they may need to restrict opening hours due to lack of staff. In England bars and restaurants have been allowed to serve food and drink outdoors since 12th April but indoor dining is not permitted until 17th May at earliest.

The Federation Of Small Businesses FSB in UK latest survey of small business owners or managers found that UK small business leaders are now the most confident in UK economy than they have been for 6 years.

New research by University College London UCL estimates the UK could reach herd immunity by 12th April 2021. Experts at UCL estimated that by 12th April enough people will have been vaccinated or have had and recovered from Covid to produce herd immunity effect that will protect the rest of the community from catching the virus.

In a March 2021 survey of consumers by LV= they report that 8% of people in the UK saved more than £10000 over the period of the pandemic. Around 20% of wealthier people in the UK have saved more than more than £10000 over the past year due to coronavirus restrictions curbing spending opoortunities.

Around three-quarters of people in UK said they had been able to make some savings on outgoings such as reduced costs from commuting, childcare or eating out. On average, these reduced outgoings had saved people nearly £5,500 over the past 12 months. If you were in the majority of working population in UK who could actually continue to work then it is highly likely you have saved thousands of pounds or paid of debt like mortgages or credit cards. If you have been furloughed or lost earning ability then you will not have benefited financially. However, the fact remains that millions of people in the UK are financially better off due to the pandemic and this money can now be used to boost the UK economy over the next couple of years.

UK consumers have paid off around a third of their non-mortgage debts between March 2020 and March 2021 according to Experian. The Bank of England estimates that UK consumers have saved £125 billion during the pandemic.

In addition the Bank of England has set interest rates at an all time low of 0.1%. Borrowing money in the UK has never been cheaper. If you are able to earn money you are likely to be able to borrow more money and ridiculously low interest rates. Such borrowing will also boost the UK economy over the next couple of years.

The UK government may well invest heavily in UK infrastructure. This also piles new money into the UK economy which could have longer term growth opportunities for UK business leaders as well as short term job creation and business growth.

If you were ever thinking about investing in the UK, in your UK business opportunities or your UK lifestyle enhancement, there has never been a better time than now to fill your boots with cheap money!

The Bank of England BoE reports that banks are preparing to increase supply of mortgage lending by the most since the BoE survey began in 2007. Unsecured lending by UK lenders is set to expand by the most since 2013. As people change their nesting arrangements they spend on furnishing their new nest. UK consumers have easy access to record cheap borrowing from lenders falling over themselves to lend more money at rock bottom interest rates.

UK Consumer Flocking Back To High Street

Idiotic Commercial Property Owners Should Follow Action Of Hammerson And Cut Retailers Rents

Instead of lying empty or losing income forever commercial property owners should be helping High Street retailers by reducing their operational costs. Hammerson, which owns Birmingham’s Bullring Shopping Centre, London’s Brent Cross Shopping Centre, Reading’s The Oracle Shopping Centre and Leeds Victoria Shopping Centre, has cut retail rents by around 30 percent.

In addition commercial property owners need to look at turning commercial property into residential dwellings to bring more homes into the heart of UK cities. UK cities need to stay alive and more people living in heart of cities will create new opportunities for small to medium sized commercial outlets that remain.

International Monetary Fund IMF Reports UK To Grow At Fastest Rate Since 1988

The IMF is forecasting that the UK economy will grow by 5.3 percent in 2021 and by 5.1 percent in 2022, which would be the fastest rate of economic growth for UK since 1988.

OpenTable reports that on the very first day restaurants could open up for outside dining in England, British restaurant reservations jumped to 79% of their level on the same Monday in 2019 pre-pandemic. Given most restaurants do not have outside eating areas this is phenomenal performance. Given also that it was below 10 degrees it also shows diners are prepared to spend to be uncomfortable eating at restaurant. Just imagine how busy restaurants are going to be from 17th May onwards!

UK News Reviews Analysis and Risk Management Interpretation

UK Jobs Market Report April 2021 Source: UK jobs market data Recruitment and Employment Confederation REC

Online job adverts recovered to pre-pandemic levels on 8th April 2021 as employers returned to recruiting. Source: Adzuna for the Office of National Statistics ONS.

The American economy grew 6.4% in first quarter of 2021. This was the second-fastest gross domestic product growth rate since the third quarter of 2003 and followed a rate of 4.3% in the final quarter of 2020. China’s economy has recovered from the pandemic. Both the USA and China’s economic position supports UK economic growth.

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Bank of England has revised its forecast for economic growth for 2021 upwards from 5 percent.

“The Bank of England says the UK will not grow 5 percent in 2021 as it forecast at the beginning of 2021. It now thinks the UK economy will grow at an electrically-fast 7.25 percent in 2021.”

BusinessRiskTV 6th May 2021

The Bank Of England also thinks UK unemployment will be held relatively under control by end of 2021 at 5.5%. It was 4 percent prior to pandemic. 5.5 percent can be considered a win given the unprecedented lockdown of the UK economy due to the pandemic. At the beginning of the 2021 many expected UK unemployment to double to close to 8 percent due to Covid pandemic.

The Bank of England will keep UK interest rate at 0.1 percent an all time low so you have access to the cheapest cost of money ever. Most money experts do not anticipate UK interest rates rising before September 2022 and then only by 0.15 percent. In other words UK interest rates are expected to remain at or near record low levels for a considerable period of time.

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Our business enterprise risk magazines could be the best resource for you to reach out more cost effectively to buyers of your type of products or services.

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Topical risk management features on current and future enterprise risks. Our readership and viewers extends beyond 50000 people interested in risks management worldwide.

Editorial includes controversial opinions and non-typical attitudes to societal and enterprise risks. Editorial includes project risks, supply chain risks, risk assessment process, asbestos risks, safety risks, legionella risks, motor fleet risks, iso 31000, iso 31010, environemental risks, fire risks, cyber risks, horizon scanning, enterprise risk management, corporate risk management, public sector risk management, not-for-profit organisation risk management, risk management toolbox and much more. We have a local and global reach online.

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