Strongest growth has been in business with private individuals, partly by increased borrowing for house purchases and increased interest in savings products.

With some notable exceptions, manufacturers continue to experience difficult times, with high energy costs continuing to add pressure to profit margins.

Output has not been increasing as much because of the higher costs of production. Investment is also weak.

These figures confirm the picture of a manufacturing sector facing pressures from all sides.

We’ve seen over ‘£50billion of additional business tax since 1997 and the share of Government spending has continued to ratchet upwards.