After a torrid month of terrible headlines, George Osborne’s world became even bleaker yesterday when the UK economy entered double-dip territory. Britain’s deep economic weakness has resulted in an economy hardly larger than that inherited by the coalition government almost two years ago and 4.3 per cent smaller than its peak in early 2008.

As is becoming his habit, the chancellor blamed the eurozone. If Mr Osborne wants a target, he would do better to look across London than across the Channel, and to aim his fire at the Bank of England.

Over the next fortnight, the BoE’s latest programme of quantitative easing will draw to a close with the central bank having minted ￡325bn and used it to buy government bonds. On May 10 it must decide whether to increase its efforts to stimulate the economy or sit back in the expectation it has done enough. Sadly, all the evidence suggests the central bank’s ruling Monetary Policy Committee will call it quits.