City Comment
THOSE of us who scour statements to the stock market for signs of gloom might wonder what the fuss is about.
Individual companies have individual problems, notably today made.com and Purplebricks, but these may not be indicative of wider malaise.
Wetherspoon, never knowingly over optimistic, reports today that sales are up smartly and that future prospects needn’t necessarily factor in Armageddon.
Collins Dictionary says “permacrisis” is the word of the year, but that’s for 2022, which at this point is backwards looking.
Elsewhere, well M&S is still smartly in profit. Its main concern is what happens in 2024, which is far enough in the future to be written off as a prediction. Anything could happen.
An FT column the other day was headlined: “Economists see recession coming, so maybe it’s not.”
The point made was that economists are really good at small details, but often find the wider picture elusive.
They have predicted all 27 of the last three recessions, so the City joke goes.
This isn’t to downplay the very real pain being felt felt by millions of people in the UK.
But as a concession to hope, how about this scenario: The World Cup is a huge success, like it nearly always is. Harry Kane does the business, dragging 10 less talented team mates with him. Pubs and other hospitality firms boom.
Christmas is enjoyed by everyone, even if they paid for it on credit.
We emerge blinking into the New Year to discover that most people remain in work and that mortgage costs are trending downwards as the City decides the new government are making a good fist of looking competent.
Everyone breathes a sigh of relief. This isn’t the way the experts are betting. That doesn’t make it impossible.
