Forgive me slipping straight into a football analogy for the economy, yet as a Man City fan we’re quite used to tragedy so it lends itself nicely.
This season, even though City has new owners and a strong new team, I’m still focused on us hitting 40 points. Once that’s done it means we’re safe from relegation, and we can concentrate on aiming for the Champions League or at least UEFA.
Part of me wonders whether the economy too has just this “no relegation” mark. Signs point to economic decline slowing; this week’s unemployment figures, while bad, show a slower fall than previously.
A year ago, if someone told us the real economy would’ve escaped as lightly as it has, with a short and severe fall in growth and unemployment rather than a prolonged fall, many people would’ve doubted it.
While there’s always a chance of a double-dip recession and things getting worse again, maybe it’s possible to hope the risk of cataclysm is now over?
I’d love your thoughts.