The National Institute of Economic and Social Research (NIESR) released its estimate of gross domestic product (GDP) for the U.K. on Tuesday. The GDP estimate rose by 0.7% in three months to June, after a 0.6% growth in three months to May.

The think tank said that the U.K. economy expanded by 2.7% in the last 12 months.

"We expect the Bank of England to begin increasing Bank Rate in early 2016. Of course, risks to this outlook persist, not least the ongoing euro area saga," the NIESR said.