Services sector behind 'strong July'
Investors have been told to brace themselves for a "painful" adjustment as the money taps pumping liquidity into global markets are turned of in the US and interest rates raised.
The Confederation of British Industry (CBI) has estimated the economy grew by 0.7% in the first quarter of the year and will "gather momentum" over the next quarter.
Businesses are predicting GDP will have grown by 0.5% in the third quarter of 2012, although leaders are still warning of stagnation.