29.07.2014
Overall, the Office for National Statistics revealed GDP rose by 3.1 per cent annually, meaning the nation's economy has now exceeded its peak level set prior to the economic downturn of 2008 - the economy is now 0.2 per cent larger than it was prior to the financial crisis.
Overall, the return to growth has been seen at approximately the same rate across all areas of industry and this, in itself, is excellent news for the nation as a whole.
The new figures reveal extremely strong performance for both the manufacturing and service sectors in the UK and while the second quarter was somewhat quieter for the construction industry, the CBI expects output to rise over the coming months, as demand for new housing up and down the country remains high.
Indeed, business investment across industry is now expected to pick up in the wake of renewed growth and this too will bolster attitudes over the coming months.
"While there are still risks to growth at home and abroad, we are hopeful the economy will keep motoring along at a steady pace for the rest of this year and next," Mr Cridland stated.
"Now it's important that we ensure everyone shares the benefits of growth and this is a priority for business."
The CBI Has Welcomed The News That The UK Economy Now Appears To Be Moving In The Right Direction
The Confederation of British Industry (CBI) has welcomed the news that gross domestic product in the UK grew by 0.8 per cent during the second quarter.Overall, the Office for National Statistics revealed GDP rose by 3.1 per cent annually, meaning the nation's economy has now exceeded its peak level set prior to the economic downturn of 2008 - the economy is now 0.2 per cent larger than it was prior to the financial crisis.
Chancellor George Osborne described the development as "encouraging" and a "major milestone", while he also thanked the British people for their hard work and sacrifices over recent years, as the nation got itself back on track.
Meanwhile, director-general of the CBI John Cridland welcomed the development and argued confidence among both businesses and the public is now rising, with the recovery built on a solid foundation for the future.Overall, the return to growth has been seen at approximately the same rate across all areas of industry and this, in itself, is excellent news for the nation as a whole.
The new figures reveal extremely strong performance for both the manufacturing and service sectors in the UK and while the second quarter was somewhat quieter for the construction industry, the CBI expects output to rise over the coming months, as demand for new housing up and down the country remains high.
Indeed, business investment across industry is now expected to pick up in the wake of renewed growth and this too will bolster attitudes over the coming months.
"While there are still risks to growth at home and abroad, we are hopeful the economy will keep motoring along at a steady pace for the rest of this year and next," Mr Cridland stated.
"Now it's important that we ensure everyone shares the benefits of growth and this is a priority for business."
Expert Opinion
We echo the CBI’s comments and sentiments as it appears that the economy is back on track. <br/> <br/>“It is vital not to be complacent though and news yesterday about the rise in profit warnings certainly highlights the pressures that businesses are under. <br/> <br/>“Key to our future prosperity is to ensure that the UK economy moves forward in a sustained manner and that means ensuring that SMEs have an environment in which to grow and prosper.” <br/> Steven Beahan - Partner
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