Let it snow, let it snow, let it snow!
HEAVY snow could help Britain avoid a double-dip recession, according to the Office for Budget Responsibility.
Professor Stephen Nickell told MPS on the Treasury Select Committee that extreme weather – like snow – would lower economic activity and gross domestic product (GDP).
The bounce back in the first quarter of next year would then prevent the two consecutive quarters of shrinking GDP which technically indicate a recession.
This could be good news for the eurozone which saw growth stagnate for the second quarter in a row, heightening concerns the single currency bloc may be heading for a recession.
In the three months to September, GDP grew by 0.2 per cent compared to the previous quarter.
Although some economies around the world have been suffering, output over the same period in both the UK and the US rose by 0.5%.