The UK economy contracted at a slower pace than originally estimated between July and September, figures show. Third quarter economic output shrank by 0.3%, an improvement on the original estimate of a 0.4% contraction. The first estimate surprised analysts by showing that the economy was still in recession and not growing.

The new figures confirm the economy has contracted for six consecutive quarters - the longest unbroken stretch of since records began in 1955.

So,instead of thinking in terms of a growing economy, now we are thinking of an economy which has not shrunk enough and hence think that it is healthy. All because of the recession!