The Latest comments and Spring Forecast from Ernst and Young for the British economy, state that although Britain may have averted a double-dip recession, growth will be minimal in 2012. It will be even worse than the "depressing" growth figure in 2011 of 0.7 5% - coming in at only 0.5 %.

It predicts 0.4 % growth in 2012, before rising to 1.5 %t in 2013, and holding steady at 2.6 % in 2014 and 2015.

Business investment in the UK is also predicted to grow at around 1.2 %, around 12% lower than in 2008.

They added Growth will be anaemic, because big businesses are hoarding cash, rather than spending it, and creating jobs. Even the previously buoyant public sector is shrinking as well, as it feels the chill wind of the government's austerity measures.

They also predicted, Consumer spending will also be slower as energy bills start to rise further. Until now the energy companies had taken hits on their margins, says Ernst & Young, but, they will start to pass more of their increasing fuel costs on to customers. Slowing growth even more.