That sound you can hear is a script being torn up!

Today’s ONS statistics which detail a better than expected 0.8 per cent growth in the UK economy during July, August and September only confirms I suspect what most of us in the private sector have been quietly thinking for some time, namely “things are going quite well aren’t they?”

I’ve had chance to talk to a number of companies in the manufacturing sector (traditionally the poor relation of the British economy behind the financial and service sectors) in the last few weeks and the message has been very positive. Strong order book, good sales pipeline, nobody is getting ahead of themselves, but almost everyone is feeling good about their prospects. All this is confirmed by the ONS today which shows industrial production grew by 0.6 per cent in the third quarter. Now if manufacturing is doing well we must be doing something right!

Of course the elephant in the room is the potential impact of the Comprehensive Spending Review. As a subcontract manufacturer said to me last week “we’re doing well, but it’s fragile”. Like everyone else he is hoping that George’s cost cutting does not damage this upturn.

One last point and it is a topic I am unashamedly returning to, namely the fact that we could talk ourselves into another dip. The media has a negative news bias and I suspect many prepared doom and gloom scripts from correspondents standing outside the Treasury are being ripped up as I write this. Let’s hope they have to keep on ripping in the months ahead!