UK GDP growth last quarter was initially pegged at a princely 0.1%. That data point got revised upwards to 0.3%. Promptly, newspapers carried ripping headlines: ‘UK economy emerges from the recession quicker than thought.’ ‘Britain clambered out of recession more steeply than first thought in the final quarter of last year’….never mind that the 0.3% ‘growth’ came after a cumulative drop in GDP of >6% since the onset of the crisis, the worst drop in recorded history. As an afterthought, the news story acknowledged the risk of a ‘relapse’. Optimism is one thing…but vainglorious hyperbole is quite another.