"I think at the moment it's too early to say if were going to have a recession in either the UK or continental Europe, " ChrisGiles, economics editor of the Financial Times told CNN.
If the FT's economics editor, ChrisGiles, is right, the OBR is also likely to tell him (again) that the structural hole in the public finances is larger than previously thought, meaning even more austerity is required, well into the next parliament.