U.K. economic recovery: GDP overtakes pre-crisis peak

This article was last updated on April 16, 2022

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The U.K. economy has made a robust recovery after growing by 0.8% in the second quarter of 2014 and overtaking the pre-crisis peak. 

According To the latest figures released by Office for National Statistics (ONS), Britain’s economy is now bigger than it was before.

The figure revealed on Friday is only an estimate and subject to revision.

Annually, growth was 3% higher as compared to the same time last year, and the total output was 0.2% higher than the first quarter of 2008 – the period before recession.

Chief economic adviser at the ONS, Joe Grice has said: “The economy has now shown significant growth in six consecutive quarters and the long climb back to the pre-crisis peak of 2008 has at last been completed.

“It is worth noting, however, that changes this autumn to the way countries measure their GDPs may yet modify our view of how slow the UK’s recovery has been.”

The Chancellor George Osborne has hailed the fresh GDP figures and said: “There is still a long way to go – the Great Recession was one of the deepest of any major economy and cost Britain six years.

“Now we owe it to hardworking taxpayers not to repeat the mistakes of the past and instead to continue with the plan that is delivering economic security and a brighter future for all.”

Shadow chancellor Ed Balls said it had taken Britain three years longer than the U.S. to return to its pre-crisis peak. And it may take another three years for most people to get rid of the squeeze on their benefits before the economy get fixed in actual.

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