UK GDP growth revised down to 0.2%

GDP is now estimated to have increased by 0.2%, a sharp fall from the 0.7% growth seen in Q4.

The ONS says the downward revision is mainly due to "broad-based downward revisions within the services sector".

Consumer facing industries such as retail and accommodation fell and household spending slowed, while construction and manufacturing also showed little growth.

Shilen Shah, Bond Strategist at Investec Wealth & Investment, said: “Today’s second estimate of Q1 2017 GDP is an indication that the UK economy is going through a soft path as both the production and service sectors were softer than expected.

"Despite Sterling’s fall in value, net trade was also a drag on the GDP print, suggesting that both imports and exports seem not to be terribly sensitive to the FX market. Given the dependency of the economy on consumer spending, weak real earnings growth suggests a near-term re-acceleration is unlikely.”