Are things getting better? This morning's Times says so, with the front page: "
The good news is somewhat undermined by a story on page 2 of The Guardian: "City stunned by £13 billion bad debts at Lloyds" - and by a Financial Times back page story on share values in the
But no matter - The Guardian spotted a swallow to back up its claims of summer. "The positive trend may be underlined today when the Bank of England announces whether it will continue its policy of pumping billions into the economy. A decision to pause would signal the bank believes the plan has succeeded . . ."
Forward to lunchtime and the BBC reports: "Extra £50 billion pumped into economy". "Bank of England governor Mervyn King had to ask the chancellor's permission to extend the [quantitative easing] programme beyond £150 billion." A Bank of England statement says the pace of economic contraction "has moderated", but the recession "appears to have been deeper than previously thought".
Whoever briefed the papers last night got it wrong - be they in the government or the City - but got the headlines they desired. Pity we cannot believe them.