When the delayed SATS results eventually arrive, I’m sure there will be the regular navel gazing at the state of basic numeracy and literacy in UK schools. But what about those who were in primary schools 30 years ago?

This morning on BBC News Channel an interviewer was talking to an economist from the City. They were discussing the reduction in bank lending (a fall of 3% during June, with 32% year-on-year drop ) and its implications for the housing market and the economy in general. The interviewer asked if it was accelerating and the economist agreed, mentioning how the year-on-year drop had gone from 10% in one quarter to 20% in the next and now over 30%.

Of course these figures are all based on a year-on-year average that includes the period before the credit crunch began last autumn and in fact are consistent with a steady linear fall of around 3% per month for the 9 months since the Northern Rock collapse. That is an alarming rate of fall, but not evidence of an accelerating fall.

This apparent lack of basic numeracy reminds me of a discussion some years ago with senior financial executives who dismissed any attempt to quantify projected company income as ‘just numbers’. Having lost money in the Northern Rock collapse I wonder whether the executives in Northern Rock and other banks had a similar attitude!

I know it is easy for me as a trained mathematician to hold up my hands in horror, but still these are people who are playing not only with their own livelihoods, but also the lives of their investors, ordinary people and even the state of the entire economy.

We do have a peculiar attitude in the UK where it is acceptable for highly educated people (including many computer scientists) to just ‘not do math’, and furthermore say so with a level of pride, whereas to say the same about reading would be unconscionable. Other European countries seem far more numerate, so this seems to be a cultural phenomena not an intellectual problem.

I have heard that one of the best predictors of educational success is if a child is willing to put off a treat for another day. Mathematics does require doing work at one stage to see benefit maybe many years later, but this to some extent runs counter to the increasingly common expectation of students to want to know fully and completely how something is useful to them now.

Maybe the answer is for schools to have lessons in leaving sweeties until tomorrow … and perhaps remedial lessons for City economists who matured during the Thatcher years.