Just a small note fo encouragement as we hit rock bottom

Andreas Whittam Smith is a mere journalist but a former City Editor of the Daily Telegraph who left his safe job 20 years ago to embark on the chancy business of starting up a new serious newspaper, the Independent. The Indy group, now run by Tony O’Reilly is having a hard time in a declining industry but it survives and editorially flourishes. Here, Smith sounds a note of optimism amid the gloom you may find encouraging, based on all sides finding their bottom line soon. It was interesting to hear Michael Heseltine, another self-made publisher as well as a former top politician, taking the same line on Question Time last night.

One of the necessary conditions for ending the deep recession in the global economy is that creditors and debtors finally come to terms with each other. This essential workout is now taking place.

Former BBC journalist and manager in Belfast, Manchester and London, Editor Spolight; Political Editor BBC NI; Current Affairs Commissioning editor BBC Radio 4; Editor Political and Parliamentary Programmes, BBC Westminster; former London Editor Belfast Telegraph. Hon Senior Research Fellow, The Constitution Unit, Univ Coll. London