Prime Minister David Cameron told BBC News that the slow down in growth is "a reminder of the fragility of recovery." "Our economy is growing, but you cannot take things for granted. When you see a softening of growth in other parts of the world, you see instability and insecurity in Europe, you see the continuation of the Greek crisis. What it shows is we've got growth in Britain, that's good, our growth record is now a strong one. You shouldn't take too much on one quarter's figures," he said.

There's a lot of focus on Greece's decision to re-shuffle the team negotiating its bailout terms. The Financial Times, external and Wall Street Journal, external say its means finance minister Yanis Varoufakis is being sidelined because of slow progress in the talks. The Daily Telegraph, external says tourists are being advised to take euros in notes on holiday to Greece in case a Greek default prompts banks to switch off cash machines. In other matters, The Times, external reports on the £1m bonus for former Morrisons boss Dalton Philips despite the supermarket's fall in sales, profits and market share.

Shadow chancellor Ed Balls says today's GDP data shows that "while the Tories have spent months patting themselves on the back these figures show they have not fixed the economy for working families".

Some context for those interested in recent economic history. Here's our updated graph on UK GDP since 2003, based on Office for National Statistics data.

Robert Peston
Economics editor

Tweets:, external Economy has not been rebalanced as gov wanted. Services responsible for more than 100% of growth. Manufacturing smaller than before crash.

Chancellor George Osborne says the economy is at a "critical moment". After latest data showed growth slowing in the first quarter of 2015 from the previous three months, he tweeted: "Good news economy continues to grow, but this is a critical moment and reminder you can't take recovery for granted. GDP figures show future of the economy is on the ballot paper."

After HSBC said it was reviewing whether to keep its HQ in the UK, today's Standard Chartered profits announcement, external was a good chance to quiz directors of the Asia-focused bank on whether the firm would do the same. "It's something that we continue to keep under review… at this point in time there is no change in our position on domicile," says finance director Andy Halford.

Danny Alexander, chief secretary to the Treasury, tells the BBC News Channel that the slowdown in UK GDP, led by a fall construction output, "shows, as a country, we've still got a lot of work to do to secure our recovery".

Image source, Getty Images

Asia-focused bank Standard Chartered said profits in the first three months of this year fell 22% from a year ago as losses from bad loans jumped 80%. So-called loan impairments were $476m, up from $265m a year ago. The bank's pre-tax profit was $1.5bn in the quarter, down from $1.9bn a year ago.

The Office for National Statistics said its latest figures for UK GDP, external showed the slowest growth since the fourth quarter of 2012. But the chief economist at the ONS, Joe Grice, warned against reading too much into one quarter's figures. The numbers are the first estimate and could be revised up - or down.

Image source, PA

While service sector output increased by 0.5% in the January-to-March quarter, from the previous three months, the other three main industrial groupings within the economy fell: construction dropped 1.6%, production fell by 0.1%, and agriculture was down 0.2%.

The rate of UK GDP growth slowed from 0.6% to 0.3% in the first quarter of 2015 from the last quarter of 2014, according to an official estimate, external.

Business Live
Business Live

Dubai Airport recently overtook Heathrow as the world's busiest international airport, and Paul Griffiths, the airport's chief executive, says its growth has been down to Dubai's open skies policy. "The whole idea of a trading hub has been in the DNA of the Dubai government right from the get go," he says. "So now we've got the product of that liberalised policy, and no airline we've ever turned away, we've always said 'bring the people, we don't are how they get here, so long as they come'."

Business Live
Business Live

BP boss Bob Dudley is effectively shrinking the firm, Sarbjit Chahal, of Fat Prophets Investment Advisers, tells Business Live. "What we've seen from BP since 2010 has been a reduction in the size of the company. They've had to sell off these assets. That's very much likely to continue," he says.

London's benchmark index drifted lower in early trading, with the FTSE 100 down 27 points, or 0.38%, to 7,076.88. Royal Mail was the biggest riser, up 1.93%. BP shares got off to a slow start, but later jumped 1.8% as investors judged that its latest profits may not have been as bad as feared. The biggest faller was AstraZeneca, down 1.7%.

Image source, AFP

Honda's pre-tax profits fell 5.4% to 689bn yen (£3.7bn), down from 728bn yen (£4bn) in the year to March, the Japanese car company says. The fall comes after Honda faced soaring car recall costs, including from issues around exploding airbags. Falling demand in Honda's home market, and in the world's biggest car market, China, also dented profits.

BP shares are treading water despite the first-quarter underlying replacement cost profit of $2.58bn beating analysts' expectations. About 20 minutes into trading, the shares were up 0.15%. Underlying profit for BP's refining unit was $2.2bn for the quarter, up from $1bn a year earlier, but its oil production division reported underlying profit of $0.6bn, down from $4.4bn a year ago.

Image source, AP

The cumulative pre-tax bill for the Gulf of Mexico oil disaster by the end of the quarter was $43.8bn (£28.7bn), BP says., external An additional charge of $332m was taken in the quarter "due mainly to additional business economic loss claims".

BBC Radio 4

Image source, Grosvenor group

Property group Grosvenor has seen its highest returns since the financial crisis. A big reason is that the firm has been diversifying away from its traditional upmarket central London properties to markets in Asia and North America. Chief executive Mark Preston also told Today that the housing problem in the UK is on the supply side: "We're just not building enough houses."

Image source, Getty Images

More on Andy Harrison's planned retirement as chief executive at Whitbread. The former chief of Easyjet and the RAC is to become chairman of Dunelm, the FTSE 250 homewares retailer, from 7 July.