We present the results from a monitoring campaign of the Narrow‐Line Seyfert 1 galaxy PG 1211+143. The object was monitored with ground‐based facilities (UBVRI photometry; from 2007 February to July) and with Swift[X‐ray photometry/spectroscopy and ultraviolet (UV)/optical photometry; between 2007 March and May]. We found PG 1211+143 in a historical low X‐ray flux state at the beginning of the Swift monitoring campaign in 2007 March. It is seen from the light curves that while violently variable in X‐rays, the quasar shows little variations in optical/UV bands. The X‐ray spectrum in the low state is similar to other narrow‐line Seyfert 1 galaxies during their low states and can be explained by a strong partial covering absorber or by X‐ray reflection on to the disc. With the current data set, however, it is not possible to distinguish between both scenarios. The interband cross‐correlation functions indicate a possible reprocessing of the X‐rays into the longer wavelengths, consistent with the idea of a thin accretion disc, powering the quasar. The time lags between the X‐ray and the optical/UV light curves, ranging from ∼2 to ∼18 d for the different wavebands, scale approximately as ∼λ4/3, but appear to be somewhat larger than expected for this object, taking into account its accretion disc parameters. Possible implications for the location of the X‐ray irradiating source are discussed.