It's very bad news. Numbers such as this put a dent in the view that exports can pick up to counter a slower consumer sector. Growth this year isn't going to be that great.

It's good news. We know that the economy is starting to firm up, so we may see better jobs figures in the next few months.

Brown will hope that his performance (on Wednesday) will help to change the public's perception of him from stern chancellor to benevolent potential future prime minister.

Wednesday's annual Budget could be Brown's last.

A rebound today will allay fears the consumer sector is continuing to struggle. The improvement in the housing market should bolster consumer spending.

The minutes indicate a majority that feels satisfied with the current economic climate. The Bank noted inflation and inflation expectations remained anchored. Meanwhile growth had already picked up to its long-term average, and was likely to remain there in the next few quarters. Today's GDP release certainly confirmed the former point.