Q2 GDP revised up by 0.2 per cent

George Osborne is probably feeling marginally happier, this morning. Photograph: Getty Images

The second estimate for GDP in the second quarter of 2012 has been revised upwards, from a contraction of 0.7 per cent to a contraction of "just" 0.5 per cent.

The revision changes little in the grand scheme of things: the country is still in recession, the economy is still below its 2010 peak, let alone its 2008 one, and the next quarter is still expected to be almost as bad as this one.

The important difference is that, according to the Bank of England's best estimates, the extra bank holiday for the Jubilee weekend knocked half a percent of British growth. Which means that, were it not for the Queen, the underlying trend would be mere stagnation.