UK rate hike likely before end of year

The UK economy put in a very solid performance last year. Recent GDP data for the final three months of 2014 showed that the economy grew by 0.5% in the quarter, writes Oliver Mangan.

While this was slower than the 0.7% recorded in the third quarter, it marked the eighth straight quarter of growth.

For the full year, the economy grew by 2.6%, a seven-year high. It represented an acceleration from the 1.7% growth rate achieved in 2013.