Letter from America I

Having been here in New York since Thursday, I literally have had no time to sit down and write a blog entry as it has been meeting after meeting from first thing in the morning.

Following Obama’s inauguration earlier this week, the big story has moved quickly to his bailout plan for the USA economy.

This involves spending $825 billion to create or save more than three million jobs through a combination of spending and tax breaks.

Of course, there are already debates on the make-up of the rescue package but there has been a broad welcome for this move, especially in terms of providing tax incentives to business, something which the UK Government has singularly failed to do.

For example, there is a provision in Obama's plan that would allow businesses to carry back their losses into taxes filed for the previous five years, which would put cash very quickly in the hands of businesses.

Despite the doom and gloom, there remain business opportunities here in the USA as some firms are taking a longer term view on the economy. For example, at 830pm on Friday evening, I took a call from the director of strategy of a business in California that is looking to invest in Wales and was very keen to work alongside the University to do so.

Later today, I am taking the train to Boston to undertake a five day intensive course at MIT. It will be the first time I will have been on the wrong side of the classroom for nearly twenty years.

However, as the only participant from Wales, and with another 50 people from over all over the world attending, it should be a fantastic experience.

I promise to tray and blog a little bit more often, despite the fifteen hour average daily commitment required for the programme, which starts at 7am every day and finishes at 10pm!

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