Second quarter growth overtakes the size it achieved before the global financial crisis
The latest figures, along with a sharp fall in unemployment to the lowest level for five years, give a boost to the government before a general election next year.
Gross domestic product (GDP) expanded by 0.8 per cent between April and June from the first quarter, when it grew by the same amount, the
The data was published one day after the
The economy is now 0.2 per cent bigger than before its pre-crisis peak in early 2008, the ONS added, lifting Conservative Prime Minister
The coalition, comprising also minority partners the Liberal Democrats, has sought to slash a record deficit inherited from the previous Labour administration, in order to ward off tensions arising from the eurozone debt crisis, while lifting investor confidence and boosting growth. "Thanks to the hard work of the British people, today we reach a major milestone in our long-term economic plan," said finance minister
Opposition politicians argue that ordinary households are facing falling pay in real terms, and have yet to benefit fully from the recovery.
The ONS added on Friday that
Amid the brightening economic backdrop, the Bank of
Economic output in the second quarter was lifted by particularly strong growth in the nation's services sector, which accounts for three-quarters of overall activity and surged by one per cent.
That helped eclipse contractions to agriculture and construction, while manufacturing grew by just 0.2 per cent.
British GDP was 3.1-per cent higher in the second quarter compared with the same period a year earlier. That was the highest year-on-year increase since the final quarter of 2007.
The figures were published one day after the
But Carney, speaking at a
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