Growth in the UK economy slowed last year, with GDP increasing by an estimated 2.2%, down from 2.9% in 2014. Meanwhile, inflation was much weaker than expected. The CPI rate in the UK has been stuck at between -0.1% and +0.1% since last February.

A survey yesterday showed the pace of manufacturing growth here slowed last month, as an economist has warned that the housing crisis could impede economic recovery.

The economy in the US expanded at a slower pace in the third quarter as firms took advantage of gains in consumer and business spending to reduce bloated stockpiles.