UK economy: GDP figures awaited by Osborne

The Office for National Statistics is to give its estimate of economic output, known as GDP, for the final three months of last year.

If the figures show the economy shrank in the final three months of 2012 they will be held to show that Britain risks suffering a "triple-dip" recession.

Chancellor George Osborne, who is at the Davos summit, has said UK spending cuts must continue if the government is to retain credibility.

Hugh Pym reports.