However, the Bank has somewhat reduced its medium-term forecast for consumer spending growth and says that it could turn out to be even lower because household debt has reached a record level in relation to income.

ECONOMIST: The economy

The bottom line: PE should be seen in relation to the level and the direction of interest rates rather than in relation to its historical level.

FORBES: Is a Low PE a False Buying Signal for US Stocks?

But given the level marketing acitivity in relation marketing opportunity, one stereotype will surely not be dispelled: British understatement.

FORBES: Royal Wedding Update: British Tourism Authority Relegated to the Sidelines