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I’ve got a piece on confidence and unemployment in the new issue of the RSA Journal. It starts with this little anecdote, which seems to me pretty representative:

Earlier this year, NatWest surveyed 9,000 young people about their salary expectations. The gloomy economic forecasts seem to have influenced the respondents, because their expected average earnings fell from last year’s estimate. Instead of saying they would be earning £70,000 by the time they were 35, they modestly anticipated £54,000. The average salary for a 35-year-old is £23,893.

The article was written in response to a piece on the recession by David Blanchflower, a former member of the Monetary Policy Committee. It’s well worth reading, especially if you need cheering down; you can also ask him a question. My question will being with a long, drawn-out scream.

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