On Friday the 26th the ONS (Office for National Statistics) publishes its first revision of gross domestic product in the fourth quarter of last year. Government figures released this morning showed a 6% fall in business investment in the final three months of 2009. Given that the initial estimate of growth in quarter four 2009 was just 0.1% , that's not good.
I have a fundamental problem with the definition of a depression. Once we stop going down and start going up we are out of a depression - rubbish. When I go down a hill into a valley I am not out of the valley when I start going up but when I get back to the top and we are a very long way to being back to where we were when the Chancellor announced the end of boom and bust cycles.