George Osborne under fire as recession continues "This is largely due to a smaller contribution from trade and a scaling back of spending by businesses," said Mr Walker. So far private sector employment has held up well, but we expect some deterioration. Capital Economics, the City consultancy, believes the Wednesday's release by the Office for National Statistics will show that the economy contracted by 0.5 per cent between April and June - compared with a fall of -0.3 per cent in the first three months of this year. Vicky Redwood, a UK economist at the firm, said that surveys and official consumer spending, manufacturing and trade figures for the second quarter already released suggested that hopes of any "bounce back" are likely to be disappointed. Dismal GDP figures will also add weight to critics - including the former Conservative chancellor, Lord Lawson, who has urged the Chancellor to concentrate full-time on his brief at the Treasury and step away from his role as the Tories' chief strategist. Ed Balls, Labour's shadow chancellor, has taken to calling Mr Osborne the "part-time Chancellor." The Chancellor is struggling to rehabilitate himself after this year's poorly-received Budget, which led to a number u-turns over taxes on pasties, charitable donations and caravans. However later this week David Cameron will start a series of conferences and summits designed to use the London Olympics to boost the recovery. The global investment conference held on Thursday will be the first in a series of networking events and talks which are to involve 3,000 world business leaders over the next six weeks. Executives from half of the FTSE 100 companies are to attend, as well as Eric Schmidt, the executive chairman of Google, and Christine Lagarde, the head of the International Monetary Fund. After the initial conference, there will be a series of summits on energy, infrastructure, the digital economy and days designed to boost Britain's trade with the emerging economies of China and Brazil. A two-day summit on Britain's creative industries is to feature directors and producers behind the James Bond and Harry Potter films, as well as Stella McCartney, the fashion designer, Sir Jonathan Ive, the Apple designer behind the iPod, and Sir Kenneth Branagh, the actor. Ministers hope the series of events will lead to trade deals worth more than £1billion. A Downing Street said: "This is the most impressive array of business talent ever assembled. It is is an excellent opportunity to promote British business, secure and create thousands of jobs and strengthen the recovery. Meanwhile, Ed Miliband, the Labour leader, will this week become the first British politician to hold talks with Francois Hollande since his election as French president two months ago after he defeated Nicolas Sarkozy, the incumbent. Mr Miliband is to discuss measures to combat high youth unemployment with the socialist French premier at the Palais d'Elysee. Around 22 per cent of British 16-24 year-olds are out of work - a similar rate to that in France. In Spain youth unemployment rates are over 50 per cent. In Italy the percentage is around 36%. "There is a youth unemployment emergency across Europe," a senior Labour source said. The Camerkozy economics of Cameron and Sarkoky have failed. We now need to work together to have a co-ordinated plan for jobs and growth.