An old enemy returns - inflation
Given the news yesterday that inflation has reached its highest level for 30 years, it is important to think about the impact that might have.
Probably very little change in the short term but as prices continue to rise, there will be a dawning realisation that "the pound in your pocket" isn't going as far as it used to.
Anybody in the UK workforce under age 45 has no experience of the effect that inflation can have on their day to day living. A rather uncomfortable learning curve lies ahead.
Those with mortgages and kids are often the hardest hit and I can remember watching my own mortgage interest rate rise back in the 70's and 80's and having to figure out how to either spend less or earn more.
In business, we have to keep a careful eye on variable and fixed costs, both of which are likely to rise - and make sure that course corrections are made to maintain profitability. In simple terms, control costs and raise prices.
At home, we all have to be a little more careful before we commit to any increases in regular monthly outgoings and/or capital projects.
Key words this year will be "consolidate" and "conservative".
Another reminder to think before you spend or borrow.