UK GDP growth was 0.8% in the third quarter of the year, according to the first estimate from the Office for National Statistics (ONS).

Most members of the Bank of England's Monetary Policy Committee (MPC) backed their new governor's policy of forward guidance on interest rates, minutes from the Committee's latest meeting show.

UK GDP contracted 0.3% in the last quarter of 2012, according the second reading of the data.

The UK is out of recession and had its strongest quarter in two years over the three months to September, according to NIESR.

Bank of England (BoE) governor Mervyn King has warned against a further cut in interest rates, arguing it would damage the banking sector and may be "counterproductive".

The UK narrowly escaped a double-dip recession by posting slight growth in the second quarter of the year, according to the latest monthly GDP estimate from NIESR.