UK GDP up 0.7pc

This compares to 0.9% in Q2 and 0.7% in Q1, while between Q3 2013 and Q3 2014 GDP has increased by 3.0%.

Quarterly economic growth was driven by rising financial industries output (1.1%) and increases in transport, storage and communication industries (1.3%).

Household spending has seen a steady increase, growing by 0.8% in Q3 2014 to stand 2.4% higher than the same quarter last year.