Of all the economic indicators that are predicting doom and gloom for the next few years, one is worrying us more than all the others put together. Forget inflation rates, growth in GDP, trade figures, industrial output, the cost of living index, house prices and the number of times Alistair Darling's cat circles before settling down in its basket (although that one is a biggie.) The most significant guide to judging the real state of the economy is the state of Phil The Greek’s Trousers.

We hear the Old Bubble has sent back to his tailor for alteration a pair of trousers he bought fifty years ago. Our sprite in Buckingham Palace tells us the trousers are too slack and need to be taken in.

Nothing wrong with that you may think if you are the kind of person who is gladdened by tales of Royal frugality. What a fine example to be setting to the profligate younger members of the Royal family, you might say to yourself if you worry about the waste of taxpayers money (fatsally and I get the same example set by our Dear Old Mum. It just goes in one ear and out the other.) On the other hand the kind of people who worry about the waste of taxpayers money are usually the ones who have supported war in Afghanistan and Iraq.

Yes I know sarcasm is the lowest for of wit, fun though isn’t it?

But why does the tale of the retailoring of Prince Phillip’s antique stride make us worry about how bad a state the economy is in? Think it through. If the trousers are being taken in that means the old curmudgeon has lost weight. Weight loss could be due to his eating inadequately. And if Phil the Greek isn’t getting three decent meals a day what chance have the rest of us?