Can we breathe out again yet? Business leaders could be forgiven for asking themselves that question. At the moment, the economic signals remain mixed. Even as the heart is lifted by one or two positive business stories on one page of the newspaper, turning the page can reveal much gloomier news. Some company bosses – such as Sir Terry Leahy of Tesco – have been happy to declare that the worst is behind us and that shoppers are back. Others – in manufacturing and property professional services – are not so sure.

As Lowell Bryan and Bill Hoffman from management consultants McKinsey reported earlier this autumn, there is global uncertainty about where we stand. In September, McKinsey canvassed more than 1,600 executives around the world for their views on possible recovery.