The economic recovery is in full swing and the UK finally passed the pre-recession peak reached in January 2008 this week.
The National Institute of Economic and Social Research produced the estimates which highlight the growing confidence surrounding the UK economy.
According to the NIESR forecast, the economy grew by 0.9% in the three months ending in May, compared to 1.1% growth in the three months until April.
While reaching peak levels is positive, Britain’s recovery has still taken considerably longer than both the United States and Germany to get back to these heights.
Finding a solid economic base
Both of those countries returned to pre-crisis output in 2010, although Britain would at least now seem to be on a firm footing.
The rapid expansion seen in the past 12 months has led to widespread predications that the Bank of England could raise interest rates within a year.
Should this occur, then it will happen before either the US Federal Reserve or the European Central Bank make any alterations.
With growth now 0.2% higher than at the start of 2008, it means it has taken more than six years to recover from the recession that blighted the global economies.
Increasing factory output
The Office for National Statistics has revealed that factory output increased by 2% between February and April – the highest level since 2010.
Output is up 4.4% year-on-year, according to Prime Minister David Cameron. This means the recovery is moving beyond being based solely on high consumer spending.
The Bank of England expects growth levels to reach 3.4% this year, but carefully managing finances should remain top of the priority list for the vast majority of people.
The current state of the property market and low outputs compared to other countries could mean the Bank decides to act sooner rather than later.
A rise in interest rates would mean a need to reassess spending as costs for certain products and everyday essentials will change.
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