UK CPI inflation has fallen to its lowest level in five years, undershooting estimates as the impact of falling petrol prices dragged the headline level down near to 1%.

Prime Minister David Cameron has said the Conservatives will raise the 40% tax threshold from £41,900 to £50,000 if they win the 2015 General Election.

The Conservatives are said to be planning to merge national insurance into income tax in a major shake-up of the current tax system.

Bank of England Governor Mark Carney has said the 'new normal' for interest rates in the UK will be around 2.5%, a level he predicted they may reach by 2017.

UK shares held on to modest gains this morning after the final reading for UK GDP growth in the first quarter was held at 0.8%.

The governor of the Bank of England has told the UK to prepare for a potential rise in interest rates this year.

The Investment Management Association (IMA) has called on members to "abandon" the use of annual management charges (AMCs) on any literature following the Financial Conduct Authority's guidance on fund fees.

The Financial Conduct Authority (FCA) has fined Invesco Perpetual £18.6m for exposing investors to more risk than they had been led to expect in funds including Neil Woodford's giant income portfolios.

Legal & General (L&G), one of the country's largest annuity providers, has said it expects to see revenues from annuity products fall by three quarters by the end of 2015 following a sweeping reform of the sector.

The UK's headline inflation rate dropped to 1.7% in February, its lowest level since late 2009.