By Jonathan Davies

The UK economy grew by 0.7% in the second quarter of 2015, according to the Office for National Statistics (ONS).

The figures show a marked recovery in economic growth, after it fell back to 0.4% in the first quarter. The ONS said businesses and consumer shrugged off uncertainty surrounding the outcome of the general election.

Compared with the same period last year, the UK economy grew 2.6%.

Britain's services sector, which accounts for around 70% of the GDP, grew by 0.7%. And production was up 1%. The construction sector was flat but the agriculture industry contracted by 0.7%.

ONS Chief Economist Joe Grice said: "After a slowdown in the first quarter of 2015, overall GDP growth has returned to that typical of the previous two years.

“But the pattern has differed across the economy. Overall growth has been driven by the service sector and the strongest growth in mining & quarrying since 1989. However, manufacturing output has fallen slightly and construction has been flat.

“The growth announced today takes GDP per head back to broadly level with its pre-economic downturn peak in Q1 2008.”

Interest rates

The news of improved economic growth comes just weeks after the governor of the Bank of England Mark Carney said the point at which interest rates can be increased 'is moving closer'.

Today's figure will likely only intensify rumour, speculation and debate over an increase.

More to follow shortly