The excited chatter about green shoots back in April would have led one to expect lush foliage by now. Instead the cold season has been doggedly determined to make a protracted exit, in developed nations at least – prompting some investors to take off for more welcoming climes.

The UK, among the first out in the latest round of GDP announcements, proved that even after so many mistakes, economists remain capable of shock at seeing their forecasts contradicted. The preliminary estimate that the British economy shrank by 0.4 per cent in the third quarter threw a cold shower over expectations that it had grown by 0.2 per cent.