I am writing this while wearing a magnificent new stetson. Atypical attire for a business columnist, I admit. However, an office with a closed door is one of the few places private enough to don the hat, a present brought back by my wife from a conference in Texas. I reckon it makes me look like Clint in A Fistful of Dollars. But were I to wear it publicly in the UK it is more likely I would be mistaken for a delusional recipient of care in the community.

Mrs G spent last week in Dallas schmoozing with colleagues from across the US and Europe. Big law firms, such as the one she works for, were early participants in globalisation, seeking to exploit their relationships with big companies whose growth was overspilling borders. But small businesses are now part of the trend, too, according to the Institute of Chartered Accountants of England and Wales.