The output side of the economy is not yet pointing to a double-dip in the first quarter. The purchasing managers' index for manufacturing remained at 56.6 in February, holding at its highest since the early 1990s and suggesting industry is growing at a decent pace.

Mortgage approvals from the Bank of England, at 48,198 in January, were sharply down from the December figure of 58,223, as expected, though net mortgage lending, at £1.5 billion, was above the December figure of £1.2 billion. More here. The debate is over whether the drop in approvals is a weather-related blip. RICS (the Royal Institution of Chartered Surveyors) expects approvals to resume their climb, hitting 70,000 before the year is out.