“Even now, though, we are gullible. Artificially low interest rates have made people think that things are looking up. The outlook is “brighter” for house prices, we read. As Spring comes at last, people linger longer at the estate agents' window, unaware that the cost of debt servicing is already rising. It may well be right, because of our near-collapse in 2008, not to put up rates yet, but rates held down for too long persuade people to forget risk, which is why we got where we are. It suits Mr Brown to encourage that oblivion. Between now and May, he has to try to make us feel hopeful, when the truth, in exact reversal of the winning slogan of 1997, is that things can only get worse.”