Economic Climate

The UK inflation rate dropped to 1.9% in January, marking the first time it has fallen below the Bank of England's target of 2% since November 2009.

Britain must see a business recovery before interest rates can begin to rise, according to Mark Carney, the Governor of the Bank of England.

UK GDP rose by 0.7% in Q4, according to an initial estimate from the Office for National Statistics, with growth for the year as a whole rising at its fastest rate since 2007.

Chancellor George Osborne has said he will cap the country's welfare budget each year for the next four years from April 2015 - but the state pension will not be included.

UK CPI inflation rose from 2.4% to 2.7% in May, according to the Office for National Statistics, a larger than expected rise driven by transport and clothing costs.

Quarterly growth of 0.9% projected

Households and businesses should be told that borrowing costs will remain at rock-bottom levels until the economy is motoring again, the International Monetary Fund has said.

The UK will narrowly escape a triple-dip recession with economic growth for Q1 forecast to be 0.1%, acccording to the National Institute of Economic and Social Research(NIESR).

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

Incoming Bank of England (BoE) governor Mark Carney intends to place economic growth at the top of his priority list when he takes on his new role.