It's not realy over - it's a false dawn. The Various global scrappage schemes boosted economic growth weakly US housing activity is now sliding again German Consumer confidence down ?250 billion of 'money printed' for 0.1% growth...we can't do that again it's one off and just delayed the pain IMO Major reductions in Public Sector spending due anytime soon Changing nature of employment means that although unemplyment per se has defied the critics actually many households are far down in income terms as there's been a massive reduction in full time at full rate work Inflation edging up and that'll put interest rates up soon - as will the markets unless we convince them we are going to do something about our levels of govt debt. That has potentially huge damaging effect on the economy. Tax raises (NI) due next year. Weak pound is increasing the inflation rate and hugely damaging for us with an over reliance on foreign energy and raw materials. The weak pound is as yet failing to benefit our manufacturing as most of our key trading partners are in very similar situations and we have far less a share of emerging markets trade than our key competitors Fundamentally, and kind of linked to what Brendan said, much of the growth of the last 10 years has largely been false, based on debt and overgearing (individually and corporately) or 'selling' things taht were largely worthless. This pain has to work itself out and we've only just begun. :)-D