Central bankers from the G10 leading economies yesterday gave an upbeat assessment of global economic prospects.

"The situation in the short term remains relatively weak, but in contrast to two months ago, there were certainly some signs of a prospective recovery beginning to emerge," said Sir Eddie George, speaking on behalf of the group.

Shoppers spent six per cent more this Christmas than in the previous December, figures showed. However, job advertising in the national press has fallen sharply, suggesting that unemployment may continue to rise.