UK economic growth picks up for tenth consecutive quarter
28/07/2015
UK economic growth has picked up in the second quarter of the year, thanks to a big jump in oil and gas production.
Official figures from the Office of National Statistics (ONS) have shown that the economy grew by 0.7% from April to June, compared to 0.4% in the first quarter of the year. Also, the output in the economy was 2.6% higher in the second quarter to the first.
The growth marks the tenth consecutive quarter of sustained economic growth. Domestic demand is expected to remain strong, as wages rise and with the temporary effects of low inflation boosting consumer spending. The ONS has also revealed that there has been evidence that businesses have begun to increase investment.
Chancellor of the Exchequer, George Osborne, said:
"Our economy [is] producing as much per person as ever before. But there are clear risks out there in the world economy from the Eurozone to what's happening in the world's stock markets, and so its vital that we stay on the road that we've set out on.”
Labours shadow Chancellor, Chris Leslie, believed the results were not good enough:
"Our economic growth really should be much stronger than this, especially with some of the mounting instability in the European economies, China, worldwide. We haven't seen the rebalancing of the recovery that we should have seen by now."
Need financial advice?
If you have any personal finance questions related to this news article, then please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.
Share this..
Related stories
Could one bad apple bring down the European Union?
As the European Central Bank looks for all European governments to practice tight fiscal governance there is concern that one bad apple could bring down the whole European Union. Despite the fact that many people automatically assumed the worst of the credit crunch and worldwide recession was over, the collapse of the Greek economy has been an unwelcome reminder for the investment arena. While...
Read MoreWhen will the pound stop falling?
There are many investors in the UK dismayed at the fall in sterling which today touched as low as $1.537 in early trade against the dollar, although there are as many UK investors with overseas assets who welcome the unexpected bonus!
However, as the UK economy sinks deeper and deeper into the mire there are real concerns about the future of sterling which has fallen from $2 to the...
Bank Of England Balance Sheet To Be Released
The Bank of England will tomorrow release its balance sheet for the year ended 31st March 2008 and it should make very interesting reading after the last 12 months. There is already speculation regarding the level of debt owed by Northern Rock with figures expected to show that even in the current environment the groups has increased payments and is now down to around £19 billion. However, most...
Read MoreEurozone industrial output increases
The European Commission has today revealed that Eurozone industrial output rose by 0.9% in February compared to January and by 4.1% compared to February 2009. Many analysts and experts had forecast 0% growth between January and February therefore the figure of 0.9% is very encouraging. So what does the future hold for the Eurozone? After a period of concern regarding Eurozone economies, not lea...
Read MoreShort-term bounce in sterling is welcome
Despite rumours that Mervyn King had been visiting Scandinavia to talk with central banks in the region regarding a potential charge on funds held on behalf of UK banks, with the Bank of England, it appears that these initial reports may well have been wide of the mark. The Bank of England has today suggested there are no immediate plans to change the commercial rate of interest which banks are pa...
Read More