Chart of the day: losing my edge
The ONS revises growth down for another quarter.
The ONS has released its third and final estimate of the extent of the contraction in the last quarter of 2011, and has downgraded its prediction from -0.2 per cent to -0.3 per cent; there has now been exactly 0 per cent growth since the spending review six quarters ago, making it all the more urgent for the chancellor to pull some growth out of his hat when the figures for the first quarter of 2012 are released in mid-April.
Of the last four revisions to growth, three have been negative, with only the third quarter of 2011 being revised upwards, by 0.1 per cent.
At the budget, George Osborne made a point of highlighting some rare upward revisions. He may start regretting that soon.