UK economy passes pre-crisis peak with growth of 0.8% in Q2

The UK economy expanded by 0.8% in the second quarter,above its pre-crisis peak, official statistics revealed today.

The latest figures from the Office for National Statistics (ONS) show the economy is now 0.2 percentage points ahead of its pre-crisis peak, which was reached in the first quarter of 2008. In the last year, the ONS added the economy expanded by 3.1%. The uptick in growth has surprised many, coming so soon after one of the worst ever financial downturns. From peak to trough in 2009, the economy shrank by 7.2%. Azad Zangana, European economist at Schroders, said the reading is in line with consensus forecasts, making an interest rate rise all the more likely. "While we expect a sl...