The second quarter numbers were the last official GDP numbers before the Bank of England publishes updated forecasts in its August Inflation Report. At a first glance, the upbeat data seems to weaken the need for more stimulus from the Bank’s Monetary Policy Committee.

In the USA, the Fed doesn’t seem to be able to make its mind up. One minute it is causing wide-scale panic by hinting that stimulus is coming to an end. The next, it is rowing back with dovish statements and the suggestion that ultra-loose monetary policy will be with us for the foreseeable, sending markets into a joyous spin.

Talking of the Fed, there has been a lot of action across the pond in recent days. First from President Obama, who has suggested Ben Bernanke’s tenure as chairman is drawing to a close, and second from Bernanke himself, whose comments on Wednesday evening fuelled expectations that the Fed will begin to unwind its monetary support sooner rather than later.

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.

A nation remembers Baroness Thatcher – acknowledged as the force behind the most significant economic reforms in post-war Britain and a formidable political figure. The Iron Lady earned her place in history, not least for being the first female Prime Minister. Her legacy continues to inform today’s politics and today’s Britain.

Britain’s economy is growing less than expected; borrowing remains sky high and ratings agency Fitch has the country on negative watch. Yet it seems as though the Coalition has emerged with some credit from last week’s budget.

In terms of commodities, gold is on its worse monthly streak for 16 years. Elsewhere, the eurozone came back to life after Italy failed to choose a clear winner in its general election.

THE City of London is on alert and for once the fears are not related to the Eurozone debt crisis. Horsemeat-gate has filtered its way through to the square mile meaning eating habits across the financial world have been turned on their heads.

If the World Economic Forum in 2012 was ‘Austerity Davos’ then this year it was all about pizza. The sight of David Cameron, George Osborne and Boris Johnson laughing over their thin-crust margaritas summed up the mood of this year’s gathering – it seemed like everybody let their guard down a little after last year’s drama.