UK economy now best in the world as new figures show growth even faster than first thought, outstripping US, EU and Japan

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[h=1]UK economy now best in the world as new figures show growth even faster than first thought, outstripping US, EU and Japan[/h]

• Official figures confirm economy grew by 0.8% between April and June
• But growth over past year revised up to 3.2% from previous 3.1% estimate
• Economy is now growing at the highest level since the end of 2007
• France recorded no growth in second quarter and German economy shrank
• Poll shows voters give most of the credit to the Tories not the Lib Dems

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Britain’s economy grew even more this year than previously thought - outstripping all other major countries, official figures revealed this morning.
The Office for National Statistics confirmed the economy grew by 0.8 per cent between April and June. But it revised up its estimate for how fast it had grown over the last year to 3.2 per cent – from 3.1 per cent.
It means the economy is now growing at the highest level since the end of 2007 - and faster than the US, Germany, France, Japan and Italy.


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The British economy has soared away from the US, Germany, France, Japan and Italy over the past year


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Chancellor George Osborne wants the next election to focus on the economy

The figures are a further boost to the Chancellor George Osborne who hopes to use the economic boom to bash Labour ahead of next year’s general election.
A survey published today suggests Mr Osborne’s message has some traction with the public – with voters giving most of the credit for the recent growth to the Tories.
Asked how much the coalition would benefit on election day from its record on the economy, 8 per cent thought it would get ‘significant credit’ and 44 per cent predicted ‘some credit’.
Voters thought that 65 per cent of the credit should go to the Conservatives and 35 per cent to the Liberal Democrats.
The latest growth figures reiterated that the UK had finally climbed out of its longest downturn since the war, with GDP finally surpassing the 2008 pre-recession peak by 0.2 per cent.


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It contrasts sharply to the dismal picture in the eurozone, where growth ground to a halt over the second three months of the year after France managed zero growth, while the German economy shrank.
Overall, Britain is expected to record the strongest economic growth of any of the major world economies.
However, Labour have claimed the boom is not being felt by ordinary families – with wages actually falling by 0.2 per cent last year.
But today’s poll, published in the Times, shows that voters believe the issue of unemployment - at its lowest level since the end of 2008 - is more important than higher earnings.
More than half - 58 per cent - of those surveyed chose lower unemployment as the most important issue, while 40 per cent who opted for better pay.
It comes on the same day that another poll shows the Conservatives drawing level with Labour. A YouGov poll for The Sun puts both parties on 35 per cent of the vote, with the Lib Dems lagging on 8 per cent and Ukip on 12 per cent.

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Labour argues the economic recovery is not benefiting ordinary families, who have seen stagnant wages squeezed by inflation

Today’s figures also revealed that beleaguered construction industry did not perform as badly as had been thought, posting flat quarter-on-quarter growth compared to the initial estimate of a 0.5 per cent slump.
Figures also confirmed that growth in the April-June period was led by the dominant services sector, which represents three-quarters of output and grew one per cent quarter-on-quarter, while manufacturing could manage only 0.2 per cent.
The Bank of England revised upwards its forecast for UK GDP growth this year from 3.4 per cent to 3.5 per cent this week.
A Treasury spokesman said: ‘Today’s figures confirm that our economy has recovered all of the output lost in the great recession, and is now bigger than its previous peak in the first quarter of 2008.
‘The Government’s long-term economic plan is working, with the economy growing at its fastest annual rate in six years.’

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