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Though the UK showed stronger than expected GDP growth in the third quarter of 2011, other indicators suggest a difficult economic environment and a weak outlook. Unemployment is at its highest rate since 1994, consumer price inflation at its joint-highest level since it was first measured in 1997, and manufacturing output and consumer confidence at their weakest since the financial crisis. Further afield, the threat of a disorderly Greek default receded for just a few days following a eurozone agreement involving public sector austerity and ‘haircuts’ for the Greek government’s private sector creditors, before the Greek Prime Minister put an abrupt end to the resulting stock-market euphoria by announcing a referendum on the deal.

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