The UK economy contracted at a slower pace than originally estimated in the third quarter of the year, according to the Office for National Statistics (ONS).

The ONS have revised their figures to show that the UK contacted in the third quarter by 0.3% - an improvement on the original estimate of a 0.4% contraction.

Despite the slight revision, the decline of 0.3% still means that the economy has contracted for six consecutive quarters, the longest unbroken stretch of declines since records began in 1955.

However, there is still a possibility that the figurers will be revised upwards again.

"We still think there are further upward revisions to come [to the third quarter figures]. I think it will end up at close to zero but it takes time," said Alan Clarke from BNP Paribas.