The UK's double-dip economic woes are not quite as bad as thought, according to revised figures from the Office for National Statistics (ONS). The revised GDP figures show the economy shrank by -0.5% between April and June, less than the original -0.7% announced last month.

The ONS said that falls in the construction sector were not as bad as originally reported, although performance was still below expectations at 3.9% of GDP.

The revision backs economists' expectations that figures would reveal a smaller contraction, given that unemployment is falling.

While the economy has still contracted for three consecutive quarters, the Bank of England believes that the Queen's Diamond Jubilee could be responsible for a fall of 0.5% in growth.

If this is correct, underlying growth would be flat instead of negative.