British economy grows last year at fastest rate since crisis

Britain’s economy grew last year at its fastest rate since the financial crisis, official data showed yesterday, raising questions about how long the Bank of England can keep interest rates at a record low.

Barring construction and oil and gas extraction, all major sectors of Britain’s economy expanded in the final three months of 2013, concluding its best showing since 2007, the Office for National Statistics said.

The economy grew 0.7% quarter-on-quarter from October to December, in line with forecasts for that pace to ease from 0.8% in the third quarter. Growth for the full year rose to 1.9%.