The economy - Realism is a first step to recovery

THIS morning’s survey on our attitudes to the recession shows a reassuring combination of realism, possibility and potential for optimism.

One of the frontline findings is that just one in four people belive that the recession will have “little or no impact on them personally”, and that things will trundle along just as they have done for the past decade. Most suggested that the recession would have little or no impact on domestic spending, though some expected to take fewer foreign holidays.

A very optimistic reading of that is that 25% of us managed to squirrel away enough during the boom times to insulate ourselves from today’s changed circumstances. Either that or they are in denial.