Britain’s economy expanded by 0.7% in the three months to December 2013, according to the National Institute of Economic and Social Research (NIESR).

The think tank’s latest GDP estimates for the UK were slightly below the 0.8% it touted last time round.

NIESR’s estimates suggest the economy expanded by 1.9% in 2013, up from 0.3% in 2012.

The level of GDP is now just 1.2% below its pre-recession peak from January 2008.

The economy is expected to expand at a reasonable pace in 2014, according to NIESR.

SOURCE: ibtimes.co.uk