UK GDP growth hits 0.8% in Q1

The UK economy expanded by 0.8% in Q1, slightly below economists' expectations.

The first estimate of the figure for the first quarter, released by the Office for National Statistics (ONS) this morning, just missed predictions of 0.9%, although markets remained firmer after the figure was released. This is the fifth successive quarter of growth, as the economy moves closer to its pre-crisis norm. Figures for the fourth quarter of 2013 showed growth of 0.7%. The gains have left the UK economy just 0.6% below its pre-crisis peak, the ONS said. From peak to trough, the UK's economy shrank by 7.2% in the aftermath of the financial crisis. Output increased in three...