Sterling strengthens as UK GDP beats expectations

UK economic growth in the fourth quarter of last year was stronger than previously thought, according to the latest estimate from the Office for National Statistics (ONS).

The UK economy grew by 0.6% during the quarter, the third estimate shows, an upward revision from the previous estimate of 0.5%. The latest data from the ONS suggests the UK economy is doing even better than expected, given economists predicted the figure would remain unchanged, and prompted the pound to creep higher as a result. Across 2014 as a whole, GDP was estimated to have increased by 2.8%, also revised up from the previously published figure of 2.6%. Sterling rose from $1.4765 to $1.4788 in the aftermath of the release. The original Q4 estimate had undershot analysts' ex...