As Britain’s economy slows, the gloom felt by its middle class has led to the acquisition of a new label: the coping class. The term, invented by an Irish politician, has been enthusiastically adopted by the media who deploy it as a display of empathy with their readers and listeners.

Recent news suggests that middle-class Britons are right to feel financially squeezed. Economic growth is expected to slow to 1.5 per cent this year and Mervyn King, governor of the Bank of England, has warned of recession. Job losses are expected in the City of London, Europe’s premier financial centre and one of the UK’s main drivers of growth. Meanwhile, the Labour government has steadily been increasing taxation to pay for welfare and public services.