Were that in doubt, consider that, in 2002, Churchill was voted “the greatest ever Briton” in a BBC poll. Or that he continues to command vast international recognition as a hero of the free world. Churchill’s contributions extended beyond his pivotal roles in the nation’s martial and political histories. He is the only British Prime Minister to have won the Nobel Prize in literature. He was a prodigious painter, and, perhaps thankfully, the only Prime Minister to enter the music charts. The wisdom of his witticisms is legion, extending as far as the dismal science. Central bank forecasters can identify closely with his advice that, “it is a much better policy to prophesy after the event has already taken place.” Polymer But in some prophesies we can be confident: for example that our new polymer banknotes, of which The New Fiver is the first, will stand the test of time. Polymer marks a major innovation. It is cleaner, safer, and stronger. It is resistant to dirt and moisture, so the note won’t wear out as quickly as the current fivers but will stay in good condition for longer. It is stronger than paper and can better withstand being repeatedly folded into wallets or scrunched up inside pockets. Polymer notes can survive a splash of Claret, a flick of cigar ash, the nip of a bulldog, and even a spin in the washing machine afterwards to boot.
Since 2010, the cumulative positive effect of these companies on the trade balance is about Euro 200 million, or 2.6% of GDP. This reduces the external vulnerability and improves the risk profile of the country and its foundations. The raised technological level, the increase in manpower, the improved access to capital, the spillover effects on domestic companies (which is already visible in our country), the absorption of the workforce, are also significant favorable effects. In the medium term more positive effects should be expected. The second key factor that significantly contributes to achieving solid rates of economic growth is the fiscal stimulus, through the increased number of investments in infrastructure projects. Large investments in road, rail and energy infrastructure are, on the one hand, an important impetus for growth in the short run, while on the other, they improve the competitiveness of the economy and contribute to the increase in the potential growth. The public sector share in the investments during the crisis has increased (from 20% in 2007 to 34% in 2010), offsetting the smaller investments from the private sector and providing positive stimulus for the economy. It is expected that Government’s announcements of infrastructure projects will continue to provide significant support for the growth in the medium term. What is also important is that the growth in recent years has created preconditions for improving the conditions in the labor market.