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Burton's chamber boss welcomes latest GDP figures

By Burton Mail  |  Posted: July 26, 2014

Chris Plant

Chris Plant

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CHRIS Plant says it is 'great news' that the UK's economy is now bigger than it was in 2008, but has also called for growth to continue.

The director of the Burton Chamber of Commerce said there was 'no room for complacency' and that interest rates must remain low for as long as possible if the economy is to continue its recovery.

Gross domestic product in the UK grew by 0.8 per cent in the second quarter of 2014, taking it beyond the level recorded following the economic crash six years ago by 0.2 per cent.

Mr Plant said this would 'provide a shot in the arm for businesses and consumers alike'.

Manufacturing output also rose by 0.2 per cent in the second quarter of 2014, while construction recorded a fall of 0.5 per cent.

Commenting on the figures given by the Office for National Statistics, he said: "Without sustained action, these growth figures could be as good as it gets for the UK. The Government and the Bank of England must pull out all the stops to encourage business investment, help exporters and get finance flowing to growing firms who still aren't seen as a safe bet by the banks.

"While it is welcome news that we have surpassed the pre-recession GDP peak of 2008, this has occurred much later than in some of our major competitors, such as the US and Germany."

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  • mattlong  |  July 26 2014, 1:14PM

    Ok, so from a textbook economic perspective we accept that GDP in the UK grew by 0.8 per cent in the second quarter of 2014 and acknowledge that manufacturing output also rose by 0.2 per cent in this same quarter. This being said the real litmus test for a government and a party of any political colour are human indicators of recovery. We must ask ourselves do people feel they can put food on the table? Are they worried about losing their jobs? Can they access free and readily available health care? Are they confident in the state school education that their children are receiving? These are some of the human indicators of recovery which speak in a far more audible tone than the quiet voice of the narrow statistical calculus of economics. Read more: http://tinyurl.com/q7x4fmw Read more at http://tinyurl.com/q7x4fmw" target="_blank">http://tinyurl.com/q3zvm33 Read more: http://tinyurl.com/q7x4fmw Read more at http://tinyurl.com/q7x4fmw" target="_blank">http://tinyurl.com/q3zvm33

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