Tuesday, 27 January 2015

British economy grows again by 0.5% in Q4- long term economic plan is working

New Office for National Statistics figures show the economy grew by 0.5 per cent in the final quarter of 2014 – growing by 2.6 per cent over the year – showing our long-term economic plan is delivering a stronger economy and a more secure future for hardworking taxpayers and their families.

Today’s figures confirm that the recovery is on track and our plan is building a stronger, healthier economy, protecting Britain from the economic storm, with the fastest growth of any major economy in 2014.

That means more businesses, creating more jobs, and more people with the security of a wage to provide for their families. It means we can afford to cut the deficit while investing in the things that matter to hardworking families: schools, frontline health services and apprenticeships so young people can get on in life.

But the international climate is getting worse. With 100 days to go until the election, now is not the time to abandon our plan and return Britain to economic chaos.

Key statistics
·         The economy grew by 0.5 per cent in Q4 2014, following 0.7 per cent growth in Q3 – this is the first time the economy has grown for 8 quarters consecutively since the crisis.
·         The economy has grown by 2.6 per cent in 2014 – the best year since 2007.
·         The economy is now 3.4 per cent above its pre-recession peak.
·         This confirms the IMF forecast that we were fastest growing G7 economy in 2014.

This builds on other recent good economic news:
·         The IMF and OECD forecast the UK to grow at the fastest rate in the G7 in 2014.