An uncertain road ahead — but that doesn’t mean recession is inevitable

2015 and the opening three months of this year. When this detail is available for the latest quarter, it may well reveal a further decline. In other words, firms have already begun to adjust and the drop further ahead may not be so steep.

Second, the level of the pound has fallen by 15% in overall terms since last December. This gives exporters a competitive edge against other countries which should give UK industry a lift, especially given that Britain’s major trading partners are growing.