EconomyA relentless diet of pessimism fails to reflect the prospect of better times ahead, writes Jeff Randall

Something strange is happening in Britain. It was so unexpected that it has gone largely unmentioned among the commentariat lest entrenched positions be disturbed. Retail sales are up, manufacturing is improving, car sales are up, house prices are up, share prices are up and employment is at a record high. But, as in a Conan Doyle mystery, activity is passing without noise; the watchdogs aren’t barking.

Instead, the narrative accompanying the Government’s efforts to repair our wrecked balance sheet is one of unremitting pessimism. This is to be expected from Labour, the unions and parts of the BBC: they can’t accept the prospect of a smaller state. The counsel of despair is becoming so widespread, however, that even the admirable Financial Times appears to have been sucked in. On the day after last week’s Budget, its leader column described the British economy as “on its knees”.

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Source: Yahoo! Finance, UK&Ireland