Hemlines rise and fall in line with the economy, or so said the US economist George Taylor when he started the hemline index in 1926. When markets flourish, skirts shorten; when they flounder, knees are covered quicker than you can say “So, Mr Darling, are we facing a sharp economic downturn?”

But what about fluctuating waistlines? Granted, they expand in times of plenty. But is the steadily rising beltline another indicator of a move towards modesty, both economic and sartorial? Perhaps, if recent catwalk shows are anything to go by.

Thankfully, gone are the days of whale tails (a protruding slip of underwear gasping for air above low-slung jeans) and muffin tops (fleshy overspill above tight trousers). We can thank the American subprime mortgage crisis for that.

High waists hark back to two seminal fashion eras: the prim, suck-it-in-and-smile Fifties (skirts), and the slick Seventies (trousers). Michael Kors evokes the latter with an upmarket twist: think West Coast lady who lunches, a woman never seen with skin protruding from her high-slung pants. Marc Jacobs, meanwhile, prefers his catwalk muse more unhinged. The pleated skirts are nipped in neatly but messy hair suggests something a little off-key: this is Stepford Wife with a Noughties edge.

The higher the waist, the taller you need to be to make trousers work. Cue this summer’s platform wedge, providing 4in of extra height.

Whatever your high-waist garment of choice, keep the style trim, smart and tailored. Remember the rules of proportion: if you opt for something full on the bottom half, keep the top more tapered and sleek. This is particularly true of the harem-style trousers that will appear this spring.

This season’s gift from Marc Jacobs is the belt — he made his collection instantly high-waisted by slinging one round almost every outfit: shirt-dresses, safari jackets, even simple T-shirts with a slick of leather under the bust. When you can update a whole wardrobe using one strip of tough material with a few holes (Massimo Dutti has the best range on the high street), the economic downturn suddenly looks much less daunting. Don’t you agree, Chancellor?

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