REJOICE – THE RECESSION IS OVER

Been away all day but have had the misfortune to catch several BBC news stories. It struck me that green shoots of recovery are everywhere today if we listen to the State Broadcaster. The housing market is on the up, new car sales are on the rise and…unemployment is also rocketing up. Sorry, scrap that last one. Even better, the Bank of England pumps more cash into the economy because, erm, well, the recession is deeper than the experts reckoned! Labour has been able to grab onto these fantasy green shoots and claim that this is further proof that Alistair Darling’s predictions about modest growth by year end are correct. Why does the BBC promulgate these fantasy economics? Maybe they share Brown’s delusion that with recovery underway next Spring, there is still a small chance that – yes – another five glorious years is possible. Surely not?