UK growth confirmed

The UK economy grew by 0.5% in the fourth quarter of 2014, according to official figures.

The second estimate for UK growth in the final quarter of last year is unchanged from the first estimate produced in January.

The year-on-year growth rate also remains unrevised at 2.6% — the highest growth since 2007, making the UK the fastest growing G7 economy in 2014.

In February, the Bank of England predicted growth in the UK will hit 2.9% this year, the fastest in nearly a decade, as falling oil prices offer a boost to consumption.

www.ons.gov.uk/ons/dcp171778_394742.pdf