The credit crunch is over - recession is here

Last week the editor-in-chief made in plain to us subs: our publications should now refer to the 'recession' rather than the 'credit crunch' or even the 'economic downturn' .

Not a surprising call, but it's always good to have guidance.

Incidentally, BBC Breakfast last week used the term 'the long slump', which I thought sounded suitably sinister.