UK economic growth hit 0.8 per cent between April and June after registering the same growth rate during the first quarter of the year, government number-crunchers have confirmed.
UK economic growth hit 0.8 per cent between April and June after registering the same growth rate during the first quarter of the year, government number-crunchers have confirmed.
UK economic growth hit 0.8 per cent between April and June after registering the same growth rate during the first quarter of the year, government number-crunchers have confirmed.
The Office for National Statistics (ONS) said the economy swelled by 3.1 per cent year-on-year, meaning that is now officially bigger than when the recession began in 2009.
The economy is currently 0.2 per cent bigger than its previous peak before the global economic pinch set in, said ONS.
"Thanks to the hard work of the British people, today we reach a major milestone in our long-term economic plan," said chancellor George Osborne.
But while the UK is currently storming ahead, some economists pointing out that other European countries hit their pre-recession peaks much sooner.
Germany returned to its pre-recession level in 2010, while France followed a year later in 2011. The US also achieved the feat in 2011, three years ahead of the UK.
"Any celebrations will of course also be marred by the fact that the milestone reminds us that it has taken some six years for the country to merely regain the economic might it had before the financial crisis struck,” said Chris Williamson, chief economist at Markit.
Thanks for signing up to Minutehack alerts.
Brilliant editorials heading your way soon.
Okay, Thanks!