Changing economies

I have said in this space before that I often take local figures and statistics with a pinch of salt. Tourism is up one day and down the next. But I think you could say the same about figures involving the British economy. For most of the day yesterday it was reported that the British economy was in deep trouble but by yesterday afternoon Britain was out of recession. Amazing a small economic miracle was performed in the space of a couple of hours! Now, it has always been said that Britain would pull clear of recession this quarter helped by the success of the London Olympics and Paralympics. It appears, and according to reports yesterday afternoon, that the British economy is now growing at its fastest pace in two years. Which is good news. Now obviously the timing couldn't be better. The Conservatives are holding their annual convention and news that the country has left recession will give the coalition a lift, especially Chancellor George Osborne. The International Monetary Fund rather add to the confusion. On one hand they say that Britain should scale back its austerity programme but on the other it says that government cuts are hitting recovery. I am confused. However, after all the bad news of recent months I would hope that Britain has left recession and hopefully Spain will follow suit soon. So much bad economic news should come with a health warning! So I wonder what tomorrow´s economic story will be in the morning and the afternoon.