Even one of the main problems our exporters face, the strength of the pound, is itself proof of our relative resilience.
Our specs shouldn’t be entirely rose tinted, though. It is concerning that our manufacturers are struggling again.
The great pity of this is that, as Ben Bernanke argued last night, some of the current pain could have been averted had we not gone hell for leather down the austerity route.
A few more big public infrastructure projects would have given our factories and engineers a handy cushion against the Chinese slowdown and left central bankers with less work to do.
