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01st-Apr-2015

British economy grows faster than expected

By AFP, London

Britain's economy grew faster than expected in the final quarter of last year, revised official data revealed Tuesday.
Gross domestic product expanded by 0.6 percent in the last three months of 2014, up from a previous estimate of 0.5 percent, the Office for National Statistics said in a statement.
GDP for last year reached 2.8 percent, higher than the previous reading of 2.6 percent, the ONS added.
At 2.8 percent, Britain still grew at the fastest pace since 2006, or before the global financial crisis.
"This is the fastest annual growth since 2006, and confirms the UK as the fastest-growing of the G7 economies," said economist Ben Brettell at stockbroker Hargreaves Lansdown.
"This is the latest in a long list of good news stories about the UK economy, which is sure to be a key battleground in the upcoming election."  
The state of Britain's economy is in sharp focus as the country gears up for a general election on May 7.
Britain has emerged from recession and into growth under a coalition government headed by Prime Minister David Cameron's Conservative party.
The Conservatives have shared power with the smaller Liberal Democrat party since 2010, with the pair overseeing deep austerity cuts to government spending.