UK GDP increased by a surprise 1.1% in the second quarter, almost double the consensus estimate.

THE BIG INTERVIEW

The UK economy faces a "triple whammy" of higher inflation, lower growth, and rising unemployment, the Bank of England's chief economist has warned.

The UK Government's net borrowing was £14.5bn in June, marginally below the shortfall of £14.7bn one year earlier but still worse than economists had expected.

Aviva's Jeremy Charles has joined Scottish Widows Investment Partnership (Swip) as an investment director on the UK equities team.

Investors should switch out of equity income offerings from Axa's George Luckraft and Jupiter's Tony Nutt following underperformance, according to Principal Investment Management.

Schroders' head of UK equities Richard Buxton has completely sold out of Tesco in his £1.9bn UK Alpha Plus fund after seven years holding the stock, replacing the retailer with a mining IPO.

F&C's multi-managers have begun reducing exposure to defensive funds across their Lifestyle portfolios in the view that the global economy is in a gradual recovery.

PSigma's Bill Mott has positioned his £452m Income fund with a bias towards defensive high yield sectors, which he says have never offered such compelling value.

Goldman Sachs' Jim Cielinski is to join Threadneedle as the head of fixed income in the latest of a series of high profile appointments for the group.