Current AffairsRetailers

UK GDP growth has increased in the second quarter

The UK recovery is well under-way with gross domestic product (GDP) per head increasing after seven years according to the Office for National Statistics (ONS).

Growth measured at 0.7 percent in the second quarter of 2015, meaning a recovery from 0.4 percent from the first three months of the year.

John Allan, National Chairman of the Federation of Small Businesses, said: “Britain’s economic output per person is now broadly equal to the 2008 peak before the economic crisis hit. This, along with the headline that GDP remains positive will be welcome news for many small businesses.

“This is the tenth straight quarter of economic expansion. Those consistent growth levels are reflected in recent FSB research showing that our members are optimistic and plan to invest in their business and take on new staff.

“The Bank of England has signalled that it could raise interest rates at the turn of the year. When the time does come to raise rates, we urge the Bank to do so gradually to allow businesses to absorb costs and plan ahead.”

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