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 0.6% in three months to November, after a 0.5% growth in three months to October. The previous figure was revised down from a 0.6% growth.

"This rate of growth is consistent with the continued absorption of spare capacity in the UK economy and our own view that the Bank of England is most likely to begin to increase rates in February 2016," the NIESR said.