The Bank of England's announcement that its monetary policy committee voted for an unexpectedly large boost to its asset purchase programme was an important reminder that, however encouraging recent indicators have been, the UK economy faces a tough time ahead.

Indeed, several economists noted that it was likely to be tougher than the Bank itself forecast in February, when it predicted the economy would contract by 3 per cent this year. This estimate may be revised when the Bank issues its latest inflation report next Wednesday.