We are only just beginning to get readings for Q4: and we now know Italy is in recession, Argentina (outside the OECD) was already in recession, and Germany and Turkey are highly likely to be.

Last year the Bank of England were dismissing the weak Q1 reading as a result of bad weather. They expected growth of 1.8% for both 2018 and 2019 – 2018 is now at 1.4% and they now expect growth in 2019 to be a dismal 1.2%.

Ever since austerity we have become conditioned to a new normal of seriously weak growth, but we are now staring in the face of even worse. As the FT reported last week the Treasury are looking at boosting spending to support the economy after Brexit– though the advocates of austerity are still pushing back. But whatever happens with Brexit, weak growth in the UK in the context of a weak global economy means the government need to act now. The spring statement should be used to announce a significant boost to public sector pay, public services and infrastructure spending.