The updated figures from the Office for National Statistics showed that the UK's dominant services sector, which accounts for three quarters of national output, drove the recovery - growing 0.6pc over the three months.

JPMorgan's UK wealth management business has been fined nearly �3.1m for failing to keep complete and up-to-date client files, a shortcoming that put customers at risk of receiving unsuitable investment advice.

Mothercare's UK business is still mired in the red despite attempts to improve its finances with a swingeing store closure plan.

Thursday 12.30 BST. Global stocks are in sharp retreat, led by a savage plunge in Tokyo, as traders are spooked by the prospect of reduced central bank support and a slowing Chinese economy.

Airline Flybe will end its direct Isle of Man to Gatwick flights from April 2014, it has confirmed. The company sold its slots at the London airport to Easyjet for �20m, blaming an increase in airport charges.