What a strange controversy over the latest bout of wisdom from the Economic and Social Research Institute. Great knockabout debate was had by all on the basis that the boffins of Burlington Road told business not to take on new orders or engage in expansion plans.

What the ESRI actually said was that given that most pay increases cannot easily be reversed, there are "clearly some expansions which should not take place at the present time and some contracts which should not be sought if they cannot be fulfilled only through a permanent substantial raising of the cost base".