Is the world economy on the brink of another oil-induced slowdown? Anxiety has recently been gathering in a number of countries as economic growth has slowed in the first quarter. This applies to the US, the Eurozone and the UK. On Friday we learnt that in the first quarter of this year, UK growth slumped to only 0.1pc, a virtual stanstill.

Of course, the Remainers will blame this on Brexit. The UK has slowed more than most other countries but that may be for several other reasons. And Brexit has certainly not caused the global slowdown. It is doubtful that higher oil prices are at the root of it either. More likely, the weather has played the key role.