Gloomy experts will talk us into recession

ANYONE listening to so-called economic experts in recent weeks would readily assume Britain is heading for a financial meltdown the likes of which we’ve never seen.

Day in, day out, the BBC’s vast machine pumps out flesh- crawling stories which warn of impending financial Armaggedon.

Barely an hour seems to pass without self- styled Money Saving Expert Martin Lewis popping up on TV to announce that the end is indeed nigh, forecasting civil unrest if energy bills continue to rise.

Even those whose duty it is to keep a calm head are at it. The Bank of England’s Governor Andrew Bailey has been gloomily speaking of a prolonged recession due to spiralling inflation – the very thing he is paid handsomely to keep under control.

Yet lo and behold when the Office for National Statistics announced its latest data yesterday, we learned the economy had shrunk by just 0.1 per cent.

Admittedly this was hardly cause to break open the Bollinger. But far from the financial abyss naysayers predicted.

In fact, had it not been for the two working days lost to the Jubilee Bank Holiday celebrations those figures would almost certainly have been stronger.

Even financial news service Bloomberg, not known for its sunny editorial outlook, admits the UK economy has been performing far better than expected.

Of course, no one should be in any doubt that global events, not least the war in Ukraine, have left the country facing enormous challenges. Bills will rise. Household budgets will be squeezed.

But we will get through this. The Government has already announced a £37billion package to help with energy bills this autumn with more assistance to come.

Spreading panic and hysteria does no one any good. A country repeatedly told it is hurtling toward catastrophe stops spending and borrowing money. Eventually all these predictions of doom become a self-fulfilling prophecy.

Being honest about the tough times that lie ahead is one thing. But talking Britain down into a recession – and all the misery that will bring – is recklessly irresponsible.