The textile industry, which has been suffering for many months, undone at first by the strong pound and since by thin demand in the shops, had more bad news this week when Courtaulds Textiles, a large manufacturer, said that it would probably cut 1, 200 jobs at Claremont Group, a clothing supplier to (currently troubled) Marks and Spencer which it bought a few weeks ago.

ECONOMIST: The economy: Gathering gloom | The