The one measure that can tell us a lot about the state of the UK economy

A new year, a new beginning.

The latest monthly figures on the economy hardly confirm a change of gear, but nor do they back up the worst doom-mongers claiming decline and recession. It is neither doom nor boom, but a new year makes an opportunity to wipe the slate clean on policy, on a sense of certainty, and perhaps above all, the vibes in the economy.

There is one chart that might explain quite a lot about both the state of and the prospects for the UK economy. And it might say a fair bit about the political direction of the UK too.

It is consumer confidence. These are the long-running surveys that essentially put the nation on the economic psychiatric couch. How do you feel about the economy's prospects? Are you likely to buy a major piece of equipment? How are your personal finances?

There is a solid data source of consistently asked questions going back five decades - it is the measure now called the GfK Consumer Confidence Barometer.