Don’t get too excited about Britain’s economic recovery. It’s built on shaky ground

[audioplayer src=”http://traffic.libsyn.com/spectator/TheViewFrom22_24_July_2014_v4.mp3″ title=”Liam Halligan and Adam Memon discuss whether another financial crisis is on the way”]

Listen

[/audioplayer]When I think about global stock markets these days, the image that springs to mind is the final scene of The Italian Job— the 1969 original, not the tacky 2003 remake.

‘Hang on a minute, lads,’ says Charlie Croker, Michael Caine’s heistmaster-in-chief, as he and his rogue brethren balance precariously in a bus loaded with gold on the edge of an Alpine cliff. ‘I’ve got a great idea.’

The film ends ambiguously, of course. As the credits roll, viewers are left guessing as to whether the gang manage to get the loot and themselves to safety, or plunge into the depths of a ravine. Well, I’m similarly ambiguous about the state of global markets and the related prospects for the world’s large economies, not least the UK. It strikes me, in fact, that the whole economic shebang is balanced on a cliff edge.