FTSE holds firm as UK GDP confirmed at 0.8%

UK shares held on to modest gains this morning after the final reading for UK GDP growth in the first quarter was held at 0.8%.

The Office for National Statistics (ONS) confirmed the economy grew by 0.8% between January and March, in line with the previous estimate. The reading had a muted impact on shares, with the index up 19 points at 6,754 shortly after it was released. With growth yet to accelerate away this year, the prospects of a rate hike hang very much in the balance, especially as the figure was below the Bank of England's own forecast. Chris Williamson, chief economist at Markit, said: "The unchanged picture of the economy at the start of the year will be greeted with some disappointment at the ...