The resurgent British economy is now bigger than it was before the recession struck in 2007/2008.
GDP (Gross Domestic Product) – the total size of the economy – increased 0.9% between march and May, according to the NIESR (National Institute of Economic and Social Research).
This boost of growth meant that output was 0.2% higher at the end of last month than it was at the pre-recession peak of January 2008. Experts at NIESR hailed it a ‘symbolic milestone’ for the UK it marked the end of the longest economic slump on record.
Output crashed by 7.2% during 2008-2009 and more than six years have passed whilst the economy has clawed itself back.
Britain is now on track for its best performance since before the crisis, with the bank of England predicting growth of 3.4% this year. Separately, the ONS shows that British manufacturing is growing at its fastest pace for near four years.