National Institute of Economic and Social Research (NIESR) reported on Monday its estimates revealed the UK's economy is on course to show zero growth in Q4 of 2019, consistent with a growth of 1.4 percent in 2019 as a whole. Economist had forecast a 0.3 percent decline in Q4.

It was also noted that the ONS statistics published this morning revealed the UK economy grew by 0.1 percent in the three months to November, a little faster than NIESR had expected last month, reflecting upward revisions to the September and October data.

Dr. Garry Young, Director of Macroeconomic Modelling and Forecasting at NIESR, said: "The latest data confirm that economic growth in the United Kingdom had petered out at the end of last year. GDP was virtually flat in the three months to November and the latest surveys point to further stagnation in December. While there is some evidence of an improvement in business optimism following the general election, it is doubtful that this will do much to change the short-term economic outlook of further lacklustre growth."