Positive Economic Figures In The UK Suggest The End Or Recession

25 October 2012 - Which Way to Pay

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Positive Economic Figures In The UK Suggest The End Or Recession

The UK Office of National Statistics announced this morning that the third quarter of this year has sustained the largest period of economic growth in five years. While the other prominent economies of Europe came out of recession some time ago the UK has lagged behind and the economy has largely remained stagnant.

While it is certainly positive that the UK is out of recession the level of growth is still low at 1.0%. Joe Grice the Chief Economist at the Office for National Statistics commented this morning that a poor second quarter including an extra bank holiday and the Olympics will have affected the figures.

This good economic news means that the UK is out of the longest double-dip recession since the Second World War. The Office of National Statistics also made the point that this was the strongest quarter since the autumn of 2007 when the credit crisis began.

The Chancellor of the Exchequer George Osborne has said that the figures show that the economy is on the right track. These figures combined with falling unemployment numbers are positive for the government and the UK as a whole. The number of people in work recently hit a high of almost 30 million and the unemployment rate fell to 7.9% from 8.1%.

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