There's a spring in the step of the business community again.  A spate of positive news stories of late from retailers such as Mothercare, Next, Morrison and the financial markets has shown that although the credit crisis is far from over, the very worst is, hopefully, behind us.

Earlier this week I was in the city to interview the CIO of RSA, formerly Royal Sun Alliance. Walking up to their office next to famous Leadenhall Markets on midweek midday I realised how different the atmosphere was in the city from visits earlier in the year and of course last autumn when the collapse of Lehman Brothers brought the entire credit system grinding to a halt.

There's no science to my observations, but 15 years of journalism does teach you to be observant and we make a living out of people watching and learning how to listen to what people are really saying. You watch their body language, you listen to the tone of conversation and of course the words they use.

This week there was that swagger, a touch of bragging and the louche confidence of the city of London was back in evidence. It's not something I'm totally comfortable with, but it is part and parcel of London and the financial community. Love or hate it, trading and the financial community is central to our national economy and we need it.

Let's just hope the confidence is justified and that the financial sector assesses the business case of its decisions a little more carefully, just as CIOs and the IT sector had to in the post .com slow down.