GDP

The size of the overall UK economy will this summer overtake the peak level it was at before the 2008 financial crisis, a business lobby group has said.

The UK economy grew at 0.7% in the final quarter of 2013, official figures confirmed today, in line with the preliminary estimate, although 2013's overall growth rate was revised down.

Important lessons have already been learnt this year

Japan's economy grew less than expected at the end of last year, highlighting potential weaknesses in Prime Minister Abe's economic policies.

Sterling has climbed against a basket of currencies including the dollar this morning after the Bank of England altered its forward guidance policy and revealed GDP is expected to overshoot expectations.

Adviser confidence in the UK economy has increased markedly from a year ago, a survey suggests.

The UK economy will grow by 2.5% this year and again by 2.1% in 2015, according to the National Institute of Social and Economic Research (NIESR).

Preliminary figures released today show the US economy grew at an annual rate of 3.2% in the last quarter of 2013, in line with analysts' expectations.

UK GDP rose by 0.7% in Q4, according to an initial estimate from the Office for National Statistics, with growth for the year as a whole rising at its fastest rate since 2007.

Britain's growth rate could reach as high as 4% this year as the recovery accelerates, economists have said.