The reason I mention this is because it's important to understand (and I believe Jerome does) is that "conspiracy" is not exactly the right word, implying as it does, plotters in a smoky room agreeing on a course of action.

Rather, the UK press is in the grip of a groupthink. There has long been a latent xenophobic streak in part of UK society. This has been culturally expressed in part in the UK press in the rivalry with Germany and France.

However, with the advent of the Thatcher era and at the same time the rising right-wing ownership of the UK press, there was a mythical fable created, of bureaucratic, socialist France and dynamic, privatising Britain. (This was also taken up by the right wing press in the US, along with various other attitudes when France annoyed Bush over Iraq.)

Anyway, the result of all this is that there is an identifiable groupthink in the UK press. In the popular press this often just shows up as a set of nasty stereotypes and statements, but you don't read those papers, so we'll say no more there.

In the more serious press, the economic stereotype is much in evidence. France is used to symbolise all the bad that the UK fears in Europe and that bogeyman status is used to paper over the cracks in arguements which are not sound. Of course, economics is politics in part and thus social policy and social attitudes often take the same treatment...

As for the fashion press.. ;-) they tend to be less prejudiced, but then they have little choice. Despite some good British designers (Galliano, etc. and of course, my favourite, Boateng) the truth is that the fashion world lives and breathes France and Italy in ways that mean the xenophobia can't survive in the same way...

I could ramble on about this further, but perhaps it would be better to ask if this makes sense so far? Any questions?

What is happening to the Economist, IMHO, is they have moved from downplaying to hostility to State economic intervention when it lessens the ability of transnationals and other major corporate entities to make money while encouraging State intervention when such actions increase the ability of those entities to make money.  Coupled with this is a psychological presumption that the entire valid purpose, goal, and desire of the human species is completely subsumed in money-grubbing.  Thus the analysis of everything: Art, Science, Politics, Technology, and etc. is cast into their fixation on and obsession with Economic Determinism (rather Marxist of them, actually.)  

Any indication that either of these two idee fixe are questioned, limited, or wrong sends them off into a foaming-at-the-mouth hissy fit -- in an understated British kind of way.  :-)  Since France and Germany are continual living examples that their idee fixe can be questioned, are limited, and might be wrong they must throw foaming-at-the-mouth hissy fits -- in an understated British kind of way -- whenever they can.

A doo run-run-run, a doo run-run