There is no mistaking it: economic growth has finally returned. Even Shadow Chancellor The
Not exactly. While there is indeed growth in those three sectors, and activity in manufacturing and construction in particular is encouraging, it is starting from an unusually low base. Manufacturing grew by 1.3%, its strongest quarterly performance for nearly four years, but remains 7.7% below its pre-crisis peak. Construction expanded by 0.3% during the quarter but is still 12.2% behind.
With wage increases patchy and inconsistent, and with a long way to go to make up lost ground, higher consumer spending has come from debt and raided savings accounts, not wealth creation. Meanwhile, there have been ever louder warnings over the past month about a property bubble developing in the hothouse south-east of
Still, the sense of energy in parts of the economy is undeniable, which begs the question of how this change will impact on the referendum campaign. Both sides wish to claim credit for it. While the Coalition at Westminster is trumpeting the latest figures as a success story of its making, the
There is no mistaking it: economic growth has finally returned. Even Shadow Chancellor