But influential voices are now arguing that fiscal stimulus is not sufficient, and that it may become necessary, as a last resort, for the central bank to take to the printing presses.Paul Krugman of MIT is one such voice, as his insightful new article on Japan’s Trap (posted on his personal website, http://web.mit.edu/krugman/ www/) explains in detail. All under the chairmanship of English.Three points arise from that, all of great relevance to The Express. The Mail seeks constantly to reinvent itself for the readers it has, and then add to them It is never satisfied with present success. The paper was pulled apart, analysed and critiqued as though the future was bleak. All these topics are covered with flair, and the readership continues to rise.I was invited by Sir David English to contribute to a brainstormer on the Mail on Sunday.

What struck me most about that day was the lack of complacency. Then, as now, the Mail on Sunday was on a roll, circulation and profits rising But you could be forgiven for thinking it was in crisis. It realises that a number of them may have voted Labour out of exasperation with a spent Conservative government. But it knows that deep down they have not changed, that their range of prejudices – against welfare “scroungers” and “greedy” boardroom directors, “trendy” teachers and “soft” penal policies, against those who would undermine family life – remain the same.

Its success is based on its clear understanding of its readers, and knowing that for all readers of all newspapers, and particularly tabloid newspapers, the party political standpoint of the newspaper is a relatively minor factor in the decision to purchase.In all the discussion of the “new” Express, far too little attention has been paid to the Daily Mail. It also knows that its readers are fascinated by the activities of celebrities, by sex and relationships, and by health. It is simply foolish for Lord Hollick to dismiss the Mail as old-fashioned, past its sell-by date, ill-equipped to succeed in the next century. The Mail succeeds because it is certain, confident and understands its readers. Turning round that party meant changing fundamentally what it stood for.But different rules apply to a newspaper. Far more important than the party it supports is the set of values, prejudices, lifestyles, interests it represents.

Did The Guardian fall into decline when 18 years of Conservative government dominated politics? Has the Daily Mail suffered since Labour’s May Day landslide? The Sun may have advocated supporting Labour last year but it has not fundamentally changed its character. Lord Hollick, the owner of The Express, is a New Labour peer and Boycott herself makes no secret of her left-of- centre politics. Does this mean The Express moving left? It is far more important for a newspaper to be in tune with its readers than with the prevailing national politics. New Labour has been in power for a year, and remains popular with the electorate The present Opposition are a risible side-show Neither situation will endure. Think back just a short time, to the period where Thatcherism had the nation in its grip and Labour was “unelectable”. In contrast with the “moderate” pay rises enjoyed by employees, a senior union negotiator points to the “excessive” earnings of directors at the chemicals giant ICI, and the pharmaceuticals group Zeneca.
Sir Richard Greenbury, who chaired a committee into top pay three years ago, is also chairman of the remuneration committee at Zeneca, and Sir Ron Hampel, chairman of ICI, was the author of a report into corporate governance published last August.The criticism of boardroom pay polices at ICI and Zeneca emerge at a time when ministers are considering intervention to enforce moderation. TWO of Britain’s most eminent businessmen who have warned against excessive boardroom pay are accused of presiding over “fat cat” share option schemes at their own blue chip companies in recently submitted union wage claims, writes Barrie Clement.