Green shoots - or just a bit of mould?

While obviously welcome, last week's news that the UK economy had edged ever so slightly out of recession during the last quarter with growth of 0.1 per cent didn't exactly set the world on fire. Hardly surprising really, since there's a long way to go.

Various ministers jumped on the numbers as evidence that the tide had turned and that we were on the road to some sort of recovery. Even some analysts were predicting a return to some semblance of firtune for some of the UK's pub operators.

But at least a few of the financial types I spoke to last week took a different view. Confidence is far from returned. And rising taxes, and unemployment - yet to reach its highest levels - suggest the worst is far from over.

What this means for pubs is - unfortunately - more of the same in the months ahead. Those performing well will have to be on their toes to maintain existing levels of trade before 'decent' levels of growth return. Those struggling will doubtless be looking for continued help - financial or otherwise - from landlords or banks.

Confidence could be returning to some parts of the economy; certainly Central London pubs have never been busier. But the danger of a W-shaped economic dip remains.

Whether you see respite through political intervention - when the BIS Committee delivers its verdict on the industry, fr'instance - or when banks open up more, it's a sad fact that the current climate will be with us for a while yet.

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So, the dust has settled on the Mitchells & Butlers (M&B) situation, for now.

Those shareholders unhappy with the recent goings-on at M&B nevertheless expressed their support for chief executive Adam Fowle and his team at last week's AGM.

But of the future, well, who knows? New M&B chairman John Lovering is to cast his slide rule over the companmy during the next 60 days and report back to shareholders with his findings and, presumably, his vision for the future.

We can only hope that the long-term prosperity of M&B, its brands, customers and staff are the key priorities for all concerned. Coz you know how I hate carpetbaggers…