The only good thing to be said for the December trade figures is that they were consistent with a healthy pick-up in demand, together with the effects of the scrappage scheme and some "lumpy" aircraft imports. The overall trade deficit, £3.3 billion, was the widest since October, while the quarterly trade deficit in goods was the biggest since the fourth quarter of last year. No sign of an export-led recovery yet. More here.

Downbeat data from the British Retail Consortium, with total sales in January up just 1.2%, and on activity (thought not prices) from the Royal Institution of Chartered Surveyors (RICS) mainly reflect the snows.