Everyone by now must be familiar with the fact that the UK has suffered its worst postwar recession. And that unlike our peers, the last quarter didn’t see us find the exit. The economy shrank by 0.2 per cent in the third quarter, less than the 0.3 per cent originally estimated, but not the 0.1 per cent decline expected by analysts. So still shrinkage but is there something to be positive about?

Well yes, sort of. FT

A sharp jump in savings could leave the economy better set for recovery, official data published on Tuesday showed.

and

Once the effects of summertime stoppages at North Sea oil rigs for planned maintenance work are excluded, the rest of the economy saw no growth, rather than a decline, in the quarter.

which combines with

Higher incomes helped push up the savings ratio to 8.6 per cent – the first time since 1999 that savings have been higher than their long-run average.

meaning

The fact that savings have moved up so far and so quickly suggests that the UK economy may be closer to rebalancing.

It’s the season for optimism.