Hello and welcome to the CIPD Annual Conference and Exhibition. We've got a great conference for you over the next three days, not least with Annie McKee and Richard Boyatzis, who'll be following me on stage in a few minutes.

They form part of an agenda designed to bring you the latest thinking. Great case studies. Practical advice and guidance, all in the context of the challenging times we're facing in today's global economy. Challenging times that have been brought into sharp focus by the collapse of Lehman Brothers yesterday, and the stock market crash that has followed.