So do we panic, or what?

The Office of National Statistics sez we’re in a double-dip recession. But are we? The ONS had to indulge in the same amount of guesswork as you get on an average Time Team show to make its case. And after letting Labour sound off in the Commons (and hope we forget who caused the mess in the first place), the ONS has admitted that its “recession” conclusion could be reversed because it made a Really Big Guess about the state of the construction industry. So it looks like the “recession” is a minor technicality and not something anyone should worry about.