The ONS has reported that the UK\u2019s economy was 2.7% larger in the second quarter of this year than the pre-crisis peak.\u00a0 The findings were announced after the Office for National Statistics (ONS) completed the largest national accounts revision for a generation.\u00a0<\/p>\n
According to official statistics, the economy\u2019s upward trend indicates an end to the recession in the second quarter of last year, whilst reports by the ONS have suggested that the recovery has been faster than previously estimated.\u00a0 It is now thought that the UK economy expanded 0.9% between April and July of 2014.<\/p>\n
Meanwhile, economists at Warwick Business School have calculated that the GDP for the second quarter of 2014 was in fact 0.4% higher than ONS estimates \u2013 which placed it at 3.2%.<\/p>\n
Dr Galvao, associate professor of economic modelling and forecasting, said: \u201cOur central estimate is that growth in 2014 Q2, compared to a year earlier, is expected to be 3.6% rather than the 3.2% as currently estimated by the ONS.<\/p>\n
\u201cIn a few years\u2019 time, we expect to be looking back at the 2010 to 2014 recovery period through an even rosier lens.<\/p>\n
\u201cThe estimates will inevitably be revised.\u00a0 We should therefore expect the economic history of the past five years to be rewritten \u2013 again and again.\u201d<\/p>\n
However, the current optimistic outlook has yet to result in a rise to interest rates.\u00a0 Whilst gross domestic product has risen, ordinary living standards have yet to show a similar recovery.\u00a0 This remains to be the case for years to come, with Chancellor George Osborne recently announcing further cuts to decrease the deficit.<\/p>\n
Ultimately, whilst the UK\u2019s economy may not yet be felt by the country\u2019s workers, it is nevertheless widely acknowledged to be going through a strong period of recovery.<\/p>\n","protected":false},"excerpt":{"rendered":"
The ONS has reported that the UK\u2019s economy was 2.7% larger in the second quarter of this year than the pre-crisis peak.\u00a0 The findings were announced after the Office for National Statistics (ONS) completed the largest national accounts revision for a generation.\u00a0<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/461"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=461"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/461\/revisions"}],"predecessor-version":[{"id":462,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/461\/revisions\/462"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}