The Office for National Statistics revised its business investment estimates sharply higher in the second quarter of this year, reducing the chances of a cut in interest rates in the near future.

Business investment grew by 1.5 per cent in the second quarter of the year, a full percentage point higher than the ONS's preliminary estimate of 0.5 per cent. The annual rate of business investment was revised up to 4.2 per cent rather than the 2.2 per cent recorded last month.