Flybe has announced the sale of all its take-off and landing slots at London Gatwick airport to Easyjet for �20m. The sale is part of a cost-cutting programme for the airline.

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.

Thursday 10.30 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.

Halfords Group Plc (HFD), the U.K.'s biggest seller of bicycles, fell the most ever after announcing a surprise dividend reduction to boost investment in training workers, revamping stores and improving its Web business.

Ford is to cease production in Australia by 2016 and cut about 1,200 jobs - almost half its local workforce - after concluding the business case for producing vehicles locally �did not stack up�.