UK economic recovery more broadly based

The UK economy has been performing well again this year.

The latest GDP data shows that the economy grew by a strong 0.9% in the second quarter, an improvement on the healthy 0.7% increase in quarter one.

Growth also accelerated on a year-on-year basis, rising from 2.9% to 3.2%. This is its fastest pace of expansion since mid-2006. The GDP figures also show that the UK economy is now 2.7% above its pre-recessionary peak reached back in early 2008.