The UK’s economy is considered to be one of the dominant economies in the world. However, it was hard-hit by the recession in 2008. The worst thing for UK economy was the longest ever continuation of this recession. The negative economic growth went on for six consecutive quarters and even the recovery was extremely slow. Last year almost showed stagnation in the economic growth.
On the other hand, the latest official figures have surprised everybody. These figures indicate that the UK economy has now been growing at the fastest-ever rate in the last three years. The quarter before September has witnessed a GDP boost of 0.8pc. This is the best ever growth rate since 2010. The recent economic growth has instilled hope and confidence among consumers.
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The residents of UK are feeling more confident to spend money on some leisure activities. They are also more hopeful about future employment opportunities and their stability. People’s optimism and an improvement in the housing sector have been greatly contributing to the nation’s economic recovery. However, these positive signs should now be taken as motivators and further government efforts should be driven toward improving the household income of all residents.
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