Any other business: Across the Slough of Despond to the Edge of Darkness – with bright spots in between

The Bank of England was expected this week to slash its growth forecast for the current year and next to around 1 per cent, down from previous forecasts of 1.5 and 2.1 per cent — but that’s still optimistic according to a European Commission report which projects no better than 0.7. Official ­figures were also expected to show the number of unemployed 16- to 24-year-olds passing a million for the first time. In the eurozone, where Marios are suddenly in the ascendant, the new ECB president Mario Draghi admitted that ‘mild recession’ is in prospect while pundits gave Italy’s new prime minister Mario Monti a month at most before his country’s bond yields move back into meltdown territory. Meanwhile the shoal of market piranhas darted towards Spain, where yields passed the 6 per cent marker.

Dismal statistics and rampant pessimism abound, and that’s the way it’s going to be all winter — so I feel obliged, in my usual way, to scour the globe for positive news.