Update: Sterling jumps as UK avoids triple dip

The UK's stagnating economy avoided a triple-dip recession today after initial estimates showed it expanded 0.3% in the first quarter of 2013.

The latest figures from the Office for National Statistics (ONS) showed a better-than-expected expansion, beating forecasts of 0.1% growth, and prompted a rise in the pound against the dollar. Sterling moved to a two-month high of $1.541 on the news, up 0.9% on the day, and rose by a similar amount against the euro to trade at £0.8460. The GDP figures come after a 0.3% contraction in Q4 2012, which many had feared would lead to another technical recession. The ONS said the UK's services sector provided the biggest boost to GDP, growing by 0.6% and providing 0.47 percentage points o...