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Evan Davis and guests consider whether we have entered a new era of austerity. Are we growing vegetables in our gardens at home, instead of dining out at expensive restaurants? Are we turning up our noses at gas-guzzling cars, not just because we can't afford them, but because they offend our new sensibilities of prudence and caution?

Evan talks to Dr Shumeet Banerji, chief executive of management consultants Booz and Co, Rita Clifton, chairman of Interbrand London, and hedge fund manager Hugh Hendry, founder of Eclectica Asset Management, about whether they believe we are in for a long, hard slog or if they can see light at the end of the economic tunnel.

They also discuss the subject of consultants; with two of them on the panel, Evan quizzes them about why they have such a bad name. Is there really any justification for highly-paid senior executives to pay someone else to help them make their decisions?