Preliminary estimates from the UK Office for National Statistics showed that UK GDP fell by 0.1% month-on-month in January, compared to a 0.4% growth in December.

This was below expectations of a 0.1% growth, primarily impacted by a decline in the manufacturing sector.

This reading is expected to see the UK economy grow by 0.2% in the three months to January, supported by growth in the services sector.

The services sector, which accounts for more than 70% of the UK economy, grew by 0.1% after a 0.4% growth in December, and rose by 0.4% in the three months to December.

Production fell by 0.9%, while the construction sector declined by 0.2%.