But, the good news is… Britain’s weedy pound could help us out, eventually. That’s if an export-led recovery emerges out of the slump.

On such prospect, growth forecasts for 2011 and 2012 have been revised up to 2.7pc and 3.4pc respectively, from an earlier forecast of 2.5pc and 3pc growth by the ITEM Club which uses the Treasury’s economic model for its forecasts..

Too late for May 6, although 0.4% growth is expected for the first quarter.