More good news this morning for the UK economy as government statisticians revised up the rate of growth it achieved in 2014.
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According to the Office for National Statistics (ONS), the economy swelled by 0.6% in the final quarter of 2014 and not 0.5% as first thought. Though it doesn’t sound like much, the increase puts the UK well ahead of many other leading international economies.
Growth hit 2.8% last year, up from a previously calculated 2.6%, which is the fastest rate since 2006, when it grew 3%. The rate is double that of Germany and seven times faster than France.
The increase was pushed up by exports, while the figures also revealed household disposable income increasing 2.3%, the fastest rate since the start of the Tory government in 2010.
The figures come as welcome reading to the Conservatives with a ‘too-close-to-call’ general election looming in May.
The BBC reported Andy Scott, from foreign currency specialists HiFX, saying he expects household spending to boost growth next year.
"Concerns over slowing house price increases and the general election don't seem to be fazing consumers who are seeing real term wage growth for the first time recently in the past few years, thanks to significantly lower energy costs.
"This bodes well for the overall picture of the UK economy since individual spending affects so many industries - from coffee houses to DIY chains," he said.
In a separate report, the ONS said the financial wellbeing of UK households improved significantly last year. But it added that the measure had climbed just 0.2% in total since 2010.
“In the fourth quarter, household spending per head grew 0.3% compared to the previous quarter, continuing the general trend that started in Q3 2011,” said the ONS in a statement.