As the economic situation appears to be easing at home, there is a sense that the global picture is generally improving too. Elsewhere, commodities have been the worst-performing asset class so far this year and despite some respite from positive Chinese economic data earlier this month, look likely to slide even further.

George Osborne must have felt like Harry Houdini last week after the UK economy escaped falling into the dreaded triple-dip recession so many people had feared. The view from the square mile is that Osborne must now turn this modest growth into a sustainable recovery.