By Lucia Mutikani WASHINGTON (Reuters) - U.S. economic growth braked more sharply than initially thought in the fourth quarter amid a slow pace of stock accumulation by businesses and a wider trade deficit, but the underlying fundamentals remained solid. Gross domestic product expanded at a 2.2 percent annual pace, revised down from the 2.6 percent pace estimated last month, the Commerce Department said on Friday. With consumer spending accelerating at its quickest pace since the first quarter of 2006 and sturdy gains in other measures of domestic demand, the slowdown in growth is likely to be temporary. Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, was revised down by one-tenth of a percentage point to a 4.2 percent pace in the fourth quarter, still the fastest since the first quarter of 2006.
By Kylie MacLellan LONDON (Reuters) - Britain set out plans on Friday to give Wales greater powers, including to issue bonds and control fracking licences, in a further step to dismantle its centralised system of government. With just over two months until a national election, the issue of devolution to the United Kingdom's constituent parts has risen to the fore after a last-ditch promise to hand more powers to Scotland helped swing a close referendum in September. "We are delivering on devolution in every part of the UK," Prime Minister David Cameron said on Friday. Wales, like Scotland and Northern Ireland, elects representatives for its own regional body as well as for the Westminster parliament.