UK output is growing at its fastest pace since records began

(Source: Markit)

Following very strong service sector figures this morning, economic activity is now growing at its fastest pace since records began in 1998.

Markit's survey data - the purchasing manager's index - is at a high of 59.48 for all sectors. Any number above 50 implies an expansion.

Employment expansion also climbed in July to hit a 2007 high.

The index only gives the first derivative of output - the rate at which it grows - but this high pace of growth could mean that we reach the pre-crisis peak sooner than anticipated.