Mr Bean crosses his fingers and hopes

Britain’s economy is in trouble — and things are going to get worse.

This wasn’t obvious from my two recent visits to London, but it must be true. Why? Because Mr Bean says so. And Mr Bean is someone I trust, as he is intelligent, experienced and articulate.

Mr Bean, articulate? Yes, but not the Mr Bean you’re thinking of. I’m talking about Charles Bean, deputy governor of the Bank of England.

Mr Bean gave his gloomy message at a recent meeting of the world’s top central bankers in Jackson Hole, Wyoming. He admitted that the central bankers had failed to realize how serious the current downturn would be.

“Last year this was a financial crisis that we thought with a bit of luck would be over by Christmas,” Bean told the BBC. “But it has dragged on for a year and looks like it will drag on for some considerable time.”

Bean’s message came after reports that Britain’s economy had shuddered to a halt in the second quarter. An official recession — that is, a fall in economic activity in two successive quarters — now seems highly likely. And British workers are worried about losing their jobs.

Public officials normally choose their language carefully, so that the financial markets are not spooked. But Mr Bean’s words about the economic situation were, how shall we put it, less than comforting:

“There are periods when markets look like they are getting better. Then another grenade explodes, another bout of fear [about the] sustainability of some financial institution, maybe intervention by the authorities. It has been very much ebb and flow and the mood here is very much one of financial caution as regards next year. We have our fingers crossed, but there is the recognition that there is still quite a long way to go.”

Oh dear! When central bankers talk about grenades and start crossing their fingers, it’s time to run for cover.