The depressing weather today was further compounded by the fact that GDP had fallen in Q1 and that we are technically in recession.
Some economists have doubted the severity of the decline (-0.2%) but the ICAEW/Grant Thornton Business Confidence Monitor (BCM) predicted the exact fall in February.
Of course, there may well be revisions given that the figure is based on only 40% of the data the ONS will get.
The next BCM figures for Q2 are due out on 8 May and I believe we will see an increase in confidence for the next quarter.
Some have said that the weather will effect growth but I don’t believe that things will be as bad as those first few months at the beginning of the year.
Despite the rain outside, the UK has a lot to look forward to for the rest of the year and I believe that this will spur and not deter growth as some have predicted.