On a day when thousands more job losses were announced and the FTSE 100 index of leading shares closed down almost 5 per cent, Lady Vadera suggested she could see the beginnings of a turnaround in Britain's fortunes.
Her remarks, in a lunchtime television interview, caused criticism from business leaders and opposition politicians, who accused her of being "out of touch" and "living in a parallel universe". Hours later, Lady Vadera was sent on a new round of television appearances to clarify her remarks.
She said she had only been referring to credit and bond markets, and while refusing to apologise outright, said she was "sorry" if her comments had been "misunderstood".
Her original remark came in response to a question on ITV News about whether she could see any sign of recovery.
She told the programme: "I am seeing a few green shoots but it's a little bit too early to say exactly how they'd grow."
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