IT would appear that hairstyles are in the news at the moment with the banks, in particular, preparing for a haircut on their loans to Greece and possibly other eurozone members.

In addition is the attention that David Beckham is giving to the development of his new 1950s hairstyle.

The relevance of this to what is an article about business issues may appear somewhat tenuous but it has to be remembered that Beckham developed his skills at what is one of the most successful businesses in its field, Manchester United

The success is not by chance. Their manager has completed a quarter of a century in his post, the board, over a long period, have made large investments in the business and have given time for expertise and investment to work. Perhaps an analogy for the broader world of business.

The investments resulting from the recent distribution of Regional Growth Fund grants have gone mainly to manufacturing rather that than the more esoteric areas of the arts, culture and heritage.

Not that the last three do not need massive support but that must come from a booming economy and not one that is struggling to grow. Such investment now needs time to develop the lasting benefits, not the usual short-term expectation of a quick return.

The North East has seen far too much of this in the time that Sir Alec Ferguson has been producing his results, and even he had little to show in his early years in post.

Long-term planning is not a strength in the British economy, not helped by the short-termism of our politicians, not only in their vision but also in their stay in office.

New minister, new policy, has far too long been the problem in terms of really developing long-term plans, and too many regional economic strategies for the North East have disappeared into the mists of time having failed or being given a realistic time to succeed.

The recent investment in manufacturing has to be welcomed. Perhaps we need a Manufacturing Challenge for the region. But is that not one of the initiatives that quietly faded away? Which is not to say that it should not be re-introduced, but with realistic expectations on the payback potential.