UK GDP and a two-day EU summit aimed at containing the Eurozone debt crisis will dominate economic news, while investors await trading reports from Debenhams and Carpetright.

The Office for National Statistics is expected to confirm that Britain is in a double-dip recession when it publishes its third estimate of GDP in the first quarter.

Public finances on Tuesday are expected to show the government borrowed £15bn in May. The figures showed a £16.5bn surplus in April, largely due to Royal Mail pension scheme assets being transferred to the government.

Notable AGMs and updates this week will come from Essar Energy, Panmure Gordon, Stagecoach, Standard Chartered, Debenhams, Betfair, Berkeley Group Holdings and Tesco. 3i is set to announce 160 job cuts at its annual general meeting on Friday.