According to Tom Stevenson recessions cause transvestism:
In a dramatic volte face, the investment bank put the chance of a US recession at 40pc to 45pc and predicted interest rates would fall from 4.5pc to 3pc next year. Time to dig out those long skirts.
Is he suggesting moving to Scotland?
It refers to the long-noticed fact that skirt lengths (on ladies) tend to grow longer during recessions and drift upwards during boom times. (Think flappers and the Roaring Twenties.) Whether it is a leading or a lagging indicator I am not sure. But it does make economics interesting.