We all know that Americans love their statistics - in sport, obviously. And in finance too.

Being funny, it turns out, is like being a bank. It's a confidence trick. As long as everyone believes in you, you are fine.

We Brits print banknotes out in Debden in Essex, and have contracted it out to the private sector. Here in the U.S. it is a government operation right in the heart of Washington next door to the Holocaust Museum.

The new industries are brainy industries and so-called knowledge workers tend to like to be near other people who are the same. Think of the City of Hollywood. People cluster. This means you have winning regions, such as London and Cambridge, and losing regions. The people who want to be top lawyers in Sunderland are hoovered up by London.

For industry to settle in a country, you first need electricity for electricity, you need some trained workers for trained workers, you need some schools for schools you need some money for money, you need some industry.