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Economy grows fastest for four years
THE UK economy grew 1.1 per cent between April and June – higher than expected.
According to the figures from the Office for National Statistics the construction industry saw its biggest lift since 1963 at 6.6 per cent.
The service sector also saw a healthy rise.
Chancellor George Osborne said the figures were evidence that the private sector would be able to fill the gap left by public spending cutbacks.
“Today’s figures show the private sector contributing all but 0.1 per cent of the growth in the second quarter, and put beyond doubt that it was right to begin acting on the deficit now,” he said.
However, Charles Dumas, director of Lombard Street Research poured cold water on the figures.
He said: “I do not think the recovery is sustainable.”