Magazine article Public Finance

Numbers Game

Magazine article Public Finance

Numbers Game

Article excerpt

The UK economy passed a 'major milestone' in the second quarter of the year, with gross domestic product finally surpassing the pre-crisis peak recorded in early 2008.

Growth was 0.8% in Quarter 2, matching the level recorded in Quarter 1, with output increasing in two of the main four industrial groupings - services and production. Prime Minister David Cameron was moved to tweet that the government's long-term economic plan was working and 'this is a major milestone'.

Further revisions issued by the ONS in August confirmed the 0.8% expansion and revised upwards to 3.2% the figure for economic growth over the year to the end of June.

There was further good news on employment, with the unemployment rate falling to 6.4%, its lowest level for six years. There were 2.08 million people unemployed between April and June this year, about 132,000 fewer than the preceding three-month period, and 437,000 fewer than at the same point in 2013.

Ministers highlighted an accompanying fall in youth unemployment. …

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