The UK economy is to be sure stagnant, but it is still one of the world’s larger producers of goods and services.

Confidence seems to be the problem, diffident companies are shedding labour and are not hiring new entrants. I dare not ask how many of 2011 and 2012 university graduates have found permanently, full time work, while banks have contributed to pessimism by cutting down credit. It is a catch-22. Banks don’t want to lend in what they see as a bleak future. And companies won’t hire in a climate of restricted growth and credit.

M L Grey, West Wycombe Road, High Wycombe