Official figures have confirmed that the UK's economy grew by 1.2% between April and June.

In the past the Office for National Statistics (ONS) have revised the initial figure either upwards or downwards. However, the ONS did revise upwards the growth figure for the first three months of the year, to 0.4% from 0.3%.

The 1.2% second-quarter growth represents the fastest quarterly growth since the first three months of 2001. However, the majority of economists do not expect this level of growth to continue as the government's spending cuts begin to take hold.

The government will announce details of its spending cuts - which will reduce the budget deficit - next month in its comprehensive spending review.