InvestmentsJul 25 2014

UK economy finally surpasses pre-crisis peak

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Britain’s economy has finally returned to the size it was before the financial crisis hit six years ago, after output grew 0.8 per cent in the second quarter of the year.

The data are a true milestone for Britain and a testament to the speed of its recent economic recovery, which has come after a long period of feeble growth, reports the FT’s Sarah O’Connor.

The International Monetary Fund on Thursday predicted the UK would grow 3.2 per cent this year, outstripping every other major advanced economy.

Less positive in that the UK is that real wages continue to fall and and productivity remains puzzlingly weak. Of the G7 countries, only Italy has taken longer than the UK to regain its pre-crisis size.