First the good news. The global economy is growing at a rate not seen since 2011, with the US experiencing a jobs boom and China revealing growth in 2017 was an improvement on the previous year.

(That’s if you ignore current stock market volatility- most probably a correction to the boom created by trillions of dollars of cheap money that’s now coming to an end)

That’s good for UK companies that are exporting around the world, and for firms supplying exporters.

On the back of that, the Bank of England has upgraded growth for the UK for this year and next- based on record employment level, wage growth up and business investment rising.

Now the not so good news. All this positivity means the potential for rising inflation, currently 1% above the Government’s 2% target, hence a warning from the Bank that interest rates are likely to increase earlier this year than expected and then more often after that than previously anticipated.

We then have Brexit-related uncertainty” which is “the most significant influence on the economic outlook” according to the Bank- with the UK falling from being the fastest growing economy among the G7 largest global economies to the slowest.

It’s there that the potential for really bad news exists. That’s why Sir Vince Cable, the leader of the Liberal Democrats, is calling for clarity to prevent the chaotic process of Brexit undermining UK plc.

Whisper it quietly but if some sort of trade deal is agreed with the EU, the UK economy may end up in damage limitation territory. Failure to get a deal at the end of a calamitous transition period will almost certainly put paid to any chances of capitalising on the improving global economy.

Even worse, while the rest of the world reaps the benefits of this golden age we could end up in a downward spiral of our own making. Our politicians have been warned.