Revised figures released on 31 March 2015 show that economic growth last year was better than the original estimates suggested.
Britain’s growth was 2.8% in 2014, outperforming its G7 competitors at a more rapid pace than was previously believed.
Significantly, exports of goods abroad have been a major contributor to this positive trend as has robust service sector growth.
Living standards are steadily improving. The Office for National Statistics shows that household spending increased by 0.3% in quarter 4 of 2014 and disposable income was up 1.8% in the same quarter.
Real household disposable income is now up 2.2% above the level it was before the onset of the down turn.
This Conservative-led recovery is now also reflected in consumer confidence.
Matt Smith said: “Disciplined public spending had set a secure environment in which markets are confident enough to invest. In turn, this has produced employment growth and tax revenues”.
