Economics / Markets

A leading member of the US Federal Reserve has tried to calm markets by stressing plans to start tapering its QE programme depend on the economy recovering.

The UK economy delivered growth of 0.3% in the first quarter of the year, the final reading from the Office for National Statistics has confirmed, but revisions to previous readings mean there was no 'double-dip' recession.

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Britain's top bank regulator has called for "ground rules" on lobbying to prevent it destabilising the financial system.

Chancellor George Osborne has said he will cap the country's welfare budget each year for the next four years from April 2015 - but the state pension will not be included.

The Investment Management Association (IMA) is canvassing fund groups on how to counter the "very significant erosion of trust in financial services" amongst consumers, and has proposed introducing a 'statement of principles' for members.

Outgoing Bank of England (BoE) governor Mervyn King has accused banks of attempting to influence financial regulation by putting pressure on senior politicians - including the Prime Minister.