GDP is suggested to be 0.3 per cent for the three months ending in November, according to economic think-tank the National Institute of Economic and Social Research.

This is a drop from 0.4 per cent in the three months ending in October.

The figure suggest more economic stimulus is needed by Bank of England.

The report read: “Economic growth in the UK remains subdued. These data lend supports to the further loosening of UK monetary policy.”

It said, while the recession was over, the period of depression was expected to continue for some time.

A recession was defined as “a period when output is falling or receding” while a depression was defined as “a period when output is depressed below its previous peak.”

The Institute forecast output would not pass its early-2008 peak until 2013.

An official GDP estimate will be given by the Office for National Statistics on 22 December.

The Bank of England is holding its Monetary Policy Committee meeting today (8 December) to discuss interest rates and any increases to the asset purchase programme.

They are under pressure UK businesses to increase their stimulus package and the British Chamber of Commerce has argued for a £50bn increase to the asset purchase programme.