Revised data show that the U.K. economy narrowly avoided a double-dip recession in early 2012. But other figures released by the Office for National Statistics showed consumers' real disposable income plunging 1.7% in the first quarter of this year, the biggest drop since 1987. "It certainly looks as if the U.K. is a step further away now from 'escape velocity.' We suspect that this, coupled with some inflation projections in August, will be enough to tilt the balance" for the Bank of England to sanction more quantitative easing, said Victoria Clarke, an economist at Investec.

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