No green shoots according to Blanchflower

After Martin Wolff and Vince Cable yesterday comes David Blanchflower who was if you remember the pessimistic one on the Bank of England's monetary committee.

Writing in the Telegraph this morning he says that anyone who sees the green shoots of recovery is frankly colourblind.

His main argument?

Across the economic indicators, the signs are grim. If the recovery really had arrived, we would be expecting a significant increase in inflation, which goes hand-in-hand with an expanding economy. But while the MPC will inevitably have to write a letter of explanation to the Chancellor this autumn, it will not be because inflation has breached the 2 per cent targetbut because it has dropped below 1 per cent.