Sunday, October 26, 2014

Recovery continues as the British Economy grew by 0.7% in Quarter Three

New Office for National Statistics figures show the economy grew by 0.7 per cent in the third quarter of 2014 – showing our long-term economic plan is delivering a healthier economy and a more secure future for hardworking taxpayers and their families.

Today’s strong growth figures show that the UK continues to lead the pack in an increasingly uncertain global economy.

With all the main sectors of the economy growing it’s clear that our recovery is broadly based. But the UK is not immune to weakness in the euro area and instability in global markets, so we face a critical moment for our economy.

We cannot afford an atom of complacency, and the growth we are seeing has not yet produced a turnround in the economic pain experienced by many families, with the exception of the nearly two million families who now have a breadwinner in work which they did not have when this government was elected.

But we are heading in the right direction, even though the economy is a long way from being out of the woods.

If we want to avoid a return to the chaos and instability of the past then we need to carry on working through our economic plan that is delivering stability and security. The worst thing we could possibly do is put the team on whose previous watch it all went wrong - Miliband and Balls - back into Downing Street.

Key statistics

·         The economy has grown by 3.0 per cent over the last 12 months

·         The economy is now 3.4 per cent above its pre-recession peak

·         Growth has been broadly based – with growth in all four main sectors of the economy: construction, production, services and agriculture

·         The strongest growth was in the construction sector, which grew by 0.8 per cent over the quarter

This builds on other recent good economic news:

·         Unemployment fell by 538,000 over the last year – the largest annual fall on record

·         There are more people in work than ever before

·         Business investment grew by 11 per cent over the past year – the fastest rate in over seven years

·         The IMF confirmed they expect Britain to be the fastest growing major advanced economy this year

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