The UK economy is now worth \u00a38.8 trillion, report the Office for National Statistics (ONS).<\/p>\n
This is the measure of UK economic activity, including production, distribution, consumption and trade of goods and services.<\/p>\n
The figure \u201crepresents an increase in cash terms of \u00a3493bn, or 6 per cent, on 2014\u201d, said ONS statistician Ole Black.<\/p>\n
\u201cThis continued the general long-term upwards pattern in net worth except during the economic downturn of 2008-09. Much of this increase came from dwellings, where there was a \u00a3355bn rise in value.\u201d<\/p>\n
The amount equates to \u00a3135,000 per person living in the UK, or around \u00a3327,000 per household.<\/p>\n
The UK\u2019s total net worth has more than tripled in size between 1995 and 2015, with significant growth in dwellings and not-for-profit institutions.<\/p>\n
Household, charities, social clubs, churches and trade unions were worth more than \u00a310.2 trillion by the end of 2015.<\/p>\n
In this sector, dwelling held just over half the total, at \u00a35.2 trillion, followed by insurance and pension schemes, at \u00a33.7 trillion.<\/p>\n
By contrast, most of the other sectors had a \u201cnegative net worth\u201d, meaning \u201cthat a sector owed more in liabilities (such as loans) than it owned in assets (such as buildings).\u201d<\/p>\n
\u201cBy asset type, dwellings again were the most valuable type of non-financial asset. Adding in those belonging to other sectors, their total value came to \u00a35.5 trillion at end-2015, up 7 per cent on the previous year. This was over four times their value in 1995, when they came to \u00a31.2 trillion; the increase was mainly due to increases in house prices rather than a change in the number of dwellings\u201d, said the ONS report.<\/p>\n","protected":false},"excerpt":{"rendered":"
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