Fastest UK growth since financial crisis

UK fourth quarter GDP rose at 2.6% on an annualised basis, marking the strongest growth seen since the financial crisis. The quarterly figure of 0.5% was weaker than expected due to a slowdown in the construction, mining and energy sectors. As expected, the services sector stayed strong, leading some to express concern that the growth is not as balanced as predicted in George Osborne’s Autumn statement. The Chancellor said “Today's figures confirm that the recovery is on track and our plan is protecting Britain from the economic storm, with the fastest growth of any major economy in 2014”.  The data release had little effect on the FTSE100 but will, if anything, have pushed out interest rate hike expectations slightly further towards year end.