Figures out today from the Office for National Statistics show that the UK economy grew by 0.5% during the third quarter of the year, up from 0.1% in the previous quarter. However, the April to May period had been hindered by disruption caused by the Japanese earthquake and the extra bank holiday due to the royal wedding.

While some have responded to the report by saying the underlying picture is still weak, the Chancellor of the Exchequer George Osborne said it was "a positive step" and better than many had predicted.

However, in contrast the index for manufacturing activity in October fell below 50 to 47.4 points, from 50.8 points in September. 50 and above is an indicator of expansion, and clearly companies are still facing difficult conditions and orders have declined at the fastest pace for over two years.

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