So we are officially back in recession, prompting another round of blame games and metaphorical custard-pie throwing from our political masters.
Mr Cameron says he is disappointed but assures the nation that the correct medicine is being administered. Mr Balls says Mr Osborne has got his facts wrong. The economists say the deficit is regrettable, but manageable.
Meanwhile, in the real world, far away from soundbites and vote-dependent politicians, much of UK industry carries on regardless.
Yes, we may be back in recession, but all that means is that the UK as a whole has seen the economy shrink for two consecutive quarters. It’s undoubtedly bad news, but not the Armageddon some politicians and the media will forecast to fit their own differing agendas.
Jaguar Land Rover, to use one notable local example, are hardly in recession. By contrast, they’ve rarely had it so good. They may be owned by Indian group Tata, but its value to the Midlands economy is immense.
Just 24 hours before the UK officially re-entered a slump, Chinese-owned MG Motor UK unveiled the MG Icon, Longbridge’s very own SUV, at the Beijing Motor Show. The firm, still a relative minnow in motor industry terms, clocked up around £4 million worth of sales in March, a record. Many other firms, in the Midlands and elsewhere, plough on year after year, recession or no recession, regardless of Westminster shouting matches.
One such company is car parts firm Jivaji Auto Factors, which this week was among small businesses to ‘‘graduate’’ from an Aston University/Goldman Sachs initiative to help SMEs.
Jivaji was founded in 1973 by Fazal and Khatija Kapasi after they were forced to flee Uganda. The little family firm grew steadily for years until its Lozells Road retail shop was burnt down in the Handsworth riots. The business was rebuilt and today has a £900,000 turnover and aims to double earnings in three years.
There remains, thankfully, a world beyond the perils of recession, where sheer willpower and hard work can still transcend any downturn.