Few people looking at the economic data could suggest that things are not getting tough. The Credit Crunch may, in retrospect, be nothing more than a catalyst that sparked off a ‘correction’; not just of equity markets and the banking system. Both of these had become overheated - largely by the activities of managers who had no personal experience of market reverses and appear to have been driven by the need to fulfil challenging targets and achieve mind-blowing bonuses.

However, financial markets are funny things, based largely on sentiment. Introduce pessimism – or in this case, let the housing market fall in value and volume – and there can be a massive knock-on effect. It is therefore more than worrying to see headlines, based largely on opinion, reinforcing highly negative messages. Are we, in fact, simply talking ourselves into recession?

The British Chambers of Commerce has released the results of member research which shows negative cash flow (which is an empirical measurement) but also measures business confidence.

The question of business confidence is something of a feedback loop. If too many people issue research showing that things are getting worse, then confidence falls even further … and so on.

The problem is that publishing research can often cover a number of agendas (not that we impute anything sinister in this) one of which is to publicise the body concerned. Another is to try (very legitimately) to influence government thinking. In this case the BCC is overtly telling the Alistair Darling and Gordon Brown that to put more pressure on business would not only restrict growth and hit consumers, but it would further harm confidence.

If you are planning you retirement or simply managing your wealth, it may be seen as unhelpful to have public statements saying that things are getting worse, if those statements become part of the problem.

Conversely, not to make public comment could leave government with the impression that it is doing a good job; which is a matter of personal opinion.