It is likely today the the British government will announce that the economy is in recession. There will be a feeding frenzy by the press. News headlines will be dominated by it. People will be concerned. It will disproportionately affect the stock and currency markets. What people are less likely to hear is that whilst the report will be public today, it will also say that we have been in recession for the last 6 months. In other words, we have been living in this for half a year but reporting and spin will most likely cost jobs, affect pensions and generally depress the population. In reality the economic situation today will be no different than it was yesterday but because of the way we deal with news today the economy will model our perception.