Let's put Yachtgate and tiffs within the Bullingdon Club aside for now and talk about something trivial for a spot of light relief: global recession and the recasting of the world's economic and political hierarchy.
Overnight Mervyn King, ultra-cautious governor of the Bank of England, conceded that it "now seems likely" Britain is entering a recession. Or to put it in under-nuanced John Humphrys-speak: "It's official; we are in recession now. You can't argue with the governor of the Bank of England," declared the country's most argumentative man.
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