More good news stemmed from the ONS today, with the UK economy growing by 0.8% for the 2nd quarter of 2014.
The latest increase in economic activity means that the UK economy has now reached a new high compared to levels before the 2008 financial crisis. Driven by the services sector that accounts for almost 80% of GDP, the UK continues to be the fastest growing country out of all developed nations.
Thanks to the UK’s strong performance, the IMF has recently raised the UK’s growth forecast for 2014, from 2.8% to 3.2%, proving that not only is the surge in economic growth sizeable, it is also consistent and set to continue into the future.
The results today have seen a vindication for Chancellor of the Exchequer George Osborne, who has proven the IMF and their Keynesian viewpoint wrong. With deficit shrinking and growth booming, the Conservative party have become perfectly poised to regain the votes from pessimists to the government’s economic strategies.
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