Now how about an economic Olympics?

I do not intend to attempt much analysis of events, there is so much superb coverage on offer, but we have certainly established, in the eyes of the world (one seventh of the world's population watching!) that we are quirky, energetic and creative. And that's a pretty good result.



But for me, as a Londoner, as a nervous, anxious Londoner, the very best thing is the happy folk milling about London right now, in the tube and on the buses, in the parks and the squares. The buzz of goodwill, the frisson of excitement, and the sense of multicultural positivity is palpable. You could cut it with a knife. And we even seemed to get through this morning's rush hour pretty well (lovely to hear my old mate Leon Daniels of TfL on R4 Today this morning, all calm and authoritative).  

Let us seriously hope this feeling of bonhomie prevails for the whole Games.  Let us seriously, seriously hope so!  Congratulations to all involved on a great team effort.  And we're all truly glad the volunteers - in particular - have been so universally recognised and commended.  We just need the weather to start behaving really (and even that doesn't seem able to dent the Olympic spirit).  
 


And, let's be honest, we needed this shot in the arm very badly.  Very badly indeed. A feeling of bonhomie is something of a refreshing change for the Brits, bless 'em, and we must enjoy it while it lasts.
 

But will Mr Cameron and Mr Osborne and Mr Clegg be able to capitalise on this huge sense of goodwill?  In this climate, couldn't we take this all some way further and create an Olympics for Economic Growth in the UK, as a result of this new impetus of energy?

Could our ruling elite become as truly excited by new economic ideas as the British are excited by our Olympics endeavours?  Could we urge our private sector, most crucially our SMEs, to step up and compete, really compete, on a world stage?  After the Olympics, well what then? Just a hangover?


A real strategy for real economic growth is much needed and long overdue and this moment should be siezed.  Only this morning, news was that there has been a 30% hike in firms using short-term finance, and that it is tax demands that are drive companies to seek short-term finance.

Our SMEs are seriously struggling. The sainted Allister Heath wrote a splendid piece in the Daily Telegraph last week which said "This government could still reinvigorate Britain and jolt the economy out of its stupor.  But that would require a much more ambitious programme and making the case for change based not upon negative and technocratic arguments but on a positive vision for dynamic Britain".
 

With a fair wind behind us, the country could be awash with the "feel good factor" for the next few weeks.  This gives our government a huge opportunity.  A brilliant and timely opportunity.
The ruling elite should regroup over the summer and aim to hit the ground running with a new Economic Olympics in September: a new vision and plan for economic growth for the UK. One that shows real leadership.  One that brooks no alternative, but relentless growth in private sector jobs. One that promotes both the winning of medals, andthe taking part. One that taps into the zeitgeist.


After all, we've just proven we're up to delivering big projects.