The Office of National statistics (ONS) have just released the Gross Domestic Product figures (GDP) for the first quarter of 2012, showing a contraction of 0.2%, which when taken together with the previous quarter's negative GDP result of 0.3%, confirm that technically the UK is in a double dip recession.

This requires two consecutive periods of negative growth but it is widely expected to be very shallow. However markets hoped the the figures might show a positive result, no matter how small and avoid the  "R " word.