Economics / Markets

The Office for National Statistics (ONS) has confirmed the UK economy grew by 0.8% in the third quarter, but has revised upwards its growth figures for previous quarters.

Ratings agency Standard & Poor's has retained an AAA sovereign credit rating for the UK but says there is still a one in three chance of a downgrade next year.

OUTLOOK

US markets soared to new all-time highs on Wednesday as the Federal Reserve made a surprise early move to gradually scale back quantitative easing.

Bank of England governor Mark Carney has warned on the complications of withdrawing monetary stimulus - just hours before the US Federal Reserve may announce a tapering of its own asset purchase programme.

The UK's headline inflation rate has fallen to its lowest level in four years after edging down to 2.1% in November.

The UK economy has been tipped to breach its pre-crisis peak as early as next year, instead of 2016, as previously forecast, by UK business network the British Chambers of Commerce.

CHINA

SOAPBOX

Veteran UK fund manager Anthony Bolton believes that the chance of a Western-style banking crisis in China is "extremely remote".