James Moore: The worst is over

The banks say bad debts are peaking and (in some cases) coming down, something that usually lags a recovery. A better than expected result on unemployment is the latest evidence. It may prove to be a blip. But the predictions held that we should be in a much worse state than we are actually in.

There’s been no wave of optimism, to be sure. More a steady drip, drip. But it is there, and it is perceptible.

I don’t want to underestimate the challenge this country faces. The Government’s profligacy has left this country with a mountain of debt that will take years to pay off.

That will have to be addressed after the election if the UK is to keep its prized AAA credit rating, a downgrade to which would have a myriad of unpleasant consequences.

By attacking it too hard, or in the wrong way, we could end up sliding rapidly down a very long snake into the dreaded “double-dip recession” rather than the current slow climb up a long ladder. But climbing we now are. The worst could be over.

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