As expected, the UK economy contracted in the period between April and June, but by less than had been expected.

GDP was 0.1% lower than in the previous quarter, leading to a year-on-year increase of 2.9% following an 8.9% rise previously.

Data for professionals’ services showed a significant increase, with both the accountancy and legal sectors reporting increases in turnover as revenues swelled.

Since Andrew Bailey confirmed the Bank of England’s view that the economy was going to head into a technical recession, it will not be a surprise if the figures for the current quarter are worse.

With the Bank of England unlikely to follow the Federal Reserve in denying that the economy is contracting, it will begin to face pressure to add support, particularly with headline inflation expected to fall this month given the current price of petrol.