A lot of talk about the M&S results and its share price. And the pound falling. Why? If there is a slow down in America and in the rest of the world the only thing that will keep British factories open is British consumer demand. In the past we have spent so frantically that we ironed out the troughs of threatened recessions. Is it coming to an end? Has the great British consumer got enough stuff?
I rather think the markets are being overly pessimistic. I don’t think the Bank of England will panic, either. We should avoid disaster, but in any case it is too early to tell.
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