Richard Siddle, comment October 19

There was little to cheer anyone up in the leaders' speeches at the party political conferences over the last few weeks. Even Prime Minister-elect David Cameron could not even manage a single joke during his hour of glory.

This week has seen further bad news for the British economy - drinks trade included - with the pound crashing to its lowest level against the euro for seven months with analysts fearing parity or worst between the two currencies by the end of the year. OK interest rates have also been tipped to stay low for the next five years, but for all of us who rely on the eurozone for our bread and butter business these continue to be worrying times.

But there was one knight who road into the economic debate last week with some refreshingly good news - from the shop floor.

The retail world's unofficial leader and governing body - Sir Terry Leahy and Tesco - not only returned a healthy set of half-year figures, but Sir Terry was brave enough to publicly declare some green shoots of recovery of his own. Not only did he think we were "past the low point" but that things were already "getting better" and that "slowly but surely" our shopping habits would go back to the way they were.

To prove it sales in the first half of the year of ready meals, Tesco Finest's premium branded products and organics were all up. Shoppers were also returning to their one stop shopping habits and not looking around for the best deals, according to Sir Tel.

It may be a little too soon for Tesco to pull down all those Britain's Biggest Discounter posters and it may take even longer for talk of premiumisation to be allowed at Tesco HQ, but Sir Terry does not say such things lightly never mind to an audience of City analysts, journalists and commentators.

There were many economists who were quick to shoot his optimism down, but when it comes to leadership and the real story of how the economy is affecting Britain then I am more likely to take the view of our leading retailer than the financial commentators and mandarins of Whitehall.

• Harpers Says...