The UK Economy's similarities to the English Football Team

Personally, I liken the UK Economy to that of the England Football Team. It's not the worst by any means and, occasionally, we can, like today, pull off a shock result. Deep down however, we all know that the fundamentals are not right and, when it comes to the big games, we will be found wanting.

The spine of our team for a generation has been our financial services sector that is today a shadow of its former self with the regulators still legislating on how best to close the barn door when the proverbial horse has long since bolted.

I am not bemoaning today’s news, far from it. It is hardly a sea change, but at least it's a start. The arguments will continue as to the effects of the Olympics versus the negative effects of a bank holiday in June.

Is our economy about to accelerate off the bend like Mo Farah or is the rest of the world about to overtake us and leave us floundering in last place... more of Mo Mowlam!

So in summary, we are up 1.0%. It’s a positive step, so let’s enjoy the moment and worry about the second half performance another day.