Finally some good news for everyone about the UK’s economy. Unexpectedly, the UK’s economy has grown by 0.3% GDP growth in the last quarter. George Osbourne has said “Today’s figures are an encouraging sign the economy is healing”.
As well as this GDP Growth, the Pound has the highest value against the dollar for the last two months, rising more than one cent to 1.54. Though this economy increase may seem small and slow, this is a huge positive sign that the UK economy is growing again after years of shrinking and losses. In fact, Tony Dolphin (Chief Economist at the IPPR) says “We would expect the economy to grow by around 12% over any five-year period. The fact is, it has contracted by 2.6% instead means almost 15% of potential output has been lost”. This just puts into perspective how much the UK Economy has been suffering for the last five years, or more.
This is the first piece of good, positive economic news we in the UK have gotten for a long time. And hopefully this will trigger a further increase of growth in the years to come.
Source: The Guardian