The National Institute of Economic and Social Research (NIESR) released its estimate of gross domestic product (GDP) for the U.K. on Friday. The GDP estimate rose by 0.3% in three months to March, after a 0.2% growth in three months to February. The previous figure was revised down from a 0.3% growth. It was the weakest growth since the fourth quarter of 2012.

"The subdued growth in the first quarter of 2016 has been primarily driven by weakness in production industries, especially manufacturing. The volume of industrial production is currently 10.7 per cent below its pre-recession peak of the first quarter of 2008, while GDP has now surpassed its pre-recession peak by 7 per cent," James Warren, NIESR Research Fellow, said.