Is there light at the end of the tunnel? Are we finally leaving the financial doom and gloom and moving into brighter economic times? Yesterday's official figures suggested that British economic growth is gathering pace and there appears to be some green shoots of recovery in Spain. Unemployment has fallen and the government says that the economy could start growing again this year. This is fantastic news. Both Spain and Britain have been hit exceptionally hard by the economic cold winds. There is still a long way to go but the economic recovery appears to have taken hold. Luckily, Majorca appears to have escaped the worse of the slowdown but times are still hard. There are some important lessons to be learnt. Never again can governments go on such a spending spree and allow householders to run-up such enormous debts. Good houskeeping should be the key economic policy. Don't spend more than you earn. Both Britain and Spain have been forced to make major spending cuts which has made both governments hugely unpopular. But the medicine appears to be working even though it has been tough to swallow. In Spain unemployment reached the six million mark. Eventhough it is dropping there is still a long way to go. But fingers crossed and perhaps at last we are seeing the end of the recession and the start of some years of economic growth. Wishfull thinking? I hope not. These last four years have been exceptionally difficult for all.
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