UK economy showing strong growth
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A further interest rate rise could be due after data shows UK GDP grew strongly in the second quarter.
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The US economy grew more quickly than previously thought in the three months to June, official figures suggest.
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Britain recorded economic growth of 3.1 percent last year, picking up after a rate of 2.9 percent in 2006, according to official data published on Wednesday.
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There's more to growth than just a high growth rate.
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The U.S. economy grew at a stronger-than-expected pace in the final quarter of last year, boosted by robust spending and slowing inflation that more than offset the biggest decline in housing activity in 15 years, a government report on Wednesday showed.
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The British economy grew by 3.7 percent in the second quarter of 2004 compared with the same period of the previous year, according to unrevised published official figures.
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The US economy grew at a 4 percent annual rate from July through September, faster than previously estimated, suggesting an equally strong finish to the year.
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The UK economy expanded at its fastest clip in three years in the third quarter, driven by services.
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The U.S. economy grew at a stronger  pace than expected in the final quarter of 2006 without raising  inflation pressures, government data showed on Wednesday, as  robust consumer spending more than offset the biggest slump in  housing in 15 years.
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Average house prices in the UK are accelerating again,  the government's figures indicate.
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The pound has risen to a six-week high against the dollar following stronger-than-expected economic growth data.
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The British economy has grown by 2.7 percent in 2006, in line with an initial estimate given last month.
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Britain's economy grew at a two-year high during the second quarter compared with the first three months of 2006, according to unrevised official data.
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The economy grew at its strongest pace in more than a year during the spring as international trade and business investment helped offset weakness in housing, the government said.
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Industrial production and new home construction rose sharply last month, suggesting that the economy is overcoming high energy prices and rebounding from the summer slump.
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U.S. economic growth picked up in the fourth quarter, according to a government report Wednesday that showed an economy stronger than expected for the last three months of hte year.
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The pound was boosted against the dollar after the preliminary estimate for the GDP was left unchanged, suggesting that growth in the economy remains robust.