UK economy grows at fastest rate since 2007

A first revision of second quarter GDP data shows the UK economy is now stronger than it was at its pre crash peak in the first quarter of 2008.

Britain’s GDP grew by 3.2 per cent in the year to June, the fastest rate of growth since the fourth quarter of 2007. This figure was revised upwards today from 3.1 percent in the preliminary estimate.

The ONS confirmed that services output was once again the main driver of Britain’s economy between April and June, growing 3.6 per cent in the year to June. This is the sector’s fastest growth since February 2008.

A spokesperson for the Treasury said: ‘Today’s figures confirm that our economy has recovered all of the output lost in the Great Recession, and is now bigger than its previous peak in the first quarter of 2008.

‘The government’s long term economic plan is working, with the economy growing at its fastest annual rate in six years. But the job is not yet done and so we will go on making the realistic assessment of what needs to be done to secure a brighter economic future.’