Economic forecasters are now turning away from the much-hyped V-shaped recovery pattern, and even a more leisurely U-shape, to a wobbly “W”, or double-dip delayed type of recovery for the UK economy.

The recently pushed swift bounce back is looking increasingly lame.

New figures clearly show that the economy shrank by 2.4pc in the first quarter of this year. This is a revised number down from the 1.9pc previously reported.

It illustrates that the UK is in a much worse downturn than many expected and so-called green shoots of recovery are isolated statistical blips.

It’s clear the British economy is still in freefall. As in the 1980s, the biggest decline has been in manufacturing. While the public sector has continued to grow, the makers of things have taken blow after blow.

The weakest sectors have been new housebuilding and car making.

This is beginning to look very serious indeed for UK industry and any company in the private sector.

The new Chief Executive of the London Stock Exchange (LSE), Xavier Rolet, can’t be said not to have a hinterland.

He is a car lover — he recently took part in the Dakar Rally — a competent skier, scuba-diver and fly-fisherman. He is said to keep bees, studies architecture and has rebuilt a vineyard in France.

A further string to his bow involves part-authoring the Galileo Report on the European programme to create a satellite system that improves on GPS. He easily slots into the category labelled, Renaissance Man.

He takes over the reins of the LSE in May, although already sits on the Board. It will be challenging. The LSE has already lost up to 25pc of its business to new arrivals on the scene under European legislation.

Rolet declares, “The stress in the financial system is naturally going to lead to a more global, financial system with truly international governance. As a major part of the infrastructure, exchanges are going to play a big role in this. We have a responsibility to provide issuers and investors with liquidity in the best, fastest and most reliable way.

“We will review our fee structure, costs and our technology and ensure that we are prepared for the new global financial economy. Clients want simpler infrastructure — much of the new diversity among the competitors has just brought chaos and more costs. We don’t mind the competition. We have one big advantage: London which is a natural centre of finance. This is a strong brand.”

He will need all his resourcefulness and energy to make his mark in the present financial jungle.

They are big shoes to fill, but in choosing Frenchman Xavier Rolet, the London Stock Exchange has picked someone they know, who advised them on how best to defend the exchange against predators.

With Clara Furse’s departure set for May, Rolet begins his stint on the 20th. He said, “[The London Stock Exchange's] stategic position is unique and its business prospects excellent.” After nine years at Lehman Brothers, he will clearly be looking for more stable employment going forward.

Amid all the gloom of a gathering depression and a bout of deflation, is London still the financial capital of the world?

It may not be a useful question to ask especially since all the others have been affected in the same way, and Wall Street practically wiped out.

However, here’s a little bit of nostalgia from this site showing how it was just a few short months ago:

In a survey of financial executives by the Global Financial Centres Index, London scored well ahead of its rivals, and even extended its lead.

London did better than New York on an array of topics, including personnel, business environment, market access, facilities and competitiveness.

The City scored 806 out of 1000, compared with nearest rival New York’s 787. Trailing behind came Hong Kong, Singapore, Zurich and Frankfurt.

Again London is reaffirmed as the world’s financial capital.

You couldn’t make it up.