Economic Hole Not Yet Black Enough to Swallow Advertising Industry

Well, the world's banking system may have seized up; the Government may be plotting to cut benefits and public sector pay while ministers rent out the houses the taxpayer has kindly bought them; the middle classes may not be able to keep up their mortgage payments and the Daily Maul may very soon start spattering its pages with single-syllable word pictures of hard-working families being fed their own dogs by uncaring social workers; but happily there is some good news to brighten the horizon of our economic black hole and aid us in our quest to muddle through to the other side, British fashion, once again. Yes, the advertising industry sees a glimmer of confidence. Forty-five per cent of companies have reduced their marketing budgets in the first quarter of this year, but they have not reduced them by quite as much as they did in the last quarter of last year, according to a marketing research firm called, cutely enough, Markit. So, while we may not have enough jobs, homes, energy, food, water or credit, it appears that we will continue for the foreseeable future to have a plentiful supply of advertising. Sing heigh-ho and keep your chin up for the noose.