UK Emerges From Economic Recession

25 October 2012 - Which Way to Pay

    



UK Emerges From Economic Recession

It was announced at 0930h this morning that the UK has finally emerged from the double dip recession. This third quarter has shown more growth than any other in the past five years. The stagnant economy had been an issue of great concern for the government as the other large economies of Europe; France and Germany came out of recession a while ago.

While it is good news that we are out of recession the level of growth is still low at 1.0%. The Chief Economist at the Office for National Statistics Joe Grice stated this morning that the Olympics and a poor second quarter influenced the figure.

This positive economic news means that the UK is out of the longest double-dip recession since the Second World War. The ONS also stated that this was the strongest quarter since the autumn of 2007 when the credit crunch began.

The Chancellor of the Exchequer George Osborne has said that the figures show that the economy is on the right track. These figures combined with falling unemployment numbers are positive for the government and the UK as a whole. The number of people in work recently hit a high of almost 30 million and the unemployment rate fell to 7.9% from 8.1%.

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