Business investment stood at its highest level since 2005 in the first quarter of 2015, as it increased by an estimated £800m on the previous quarter.
This was a 1.7 per cent increase over the last quarter, taking total business investment to £45.7bn, according to figures released by the Office of National Statistics.
The figures show investment was up 3.7 per cent on the same period in 2014. Investment now stands at its highest level in 10 years, since the second quarter of 2005 – where investment was boosted by the transfer of nuclear reactors from a public corporation to the central government.
It marks the twentieth consecutive quarter of growth compared with the same quarter of the previous year.
In the first quarter of 2015, gross fixed capital formation (GFCF) also increased – by an estimated £1.1 bn to £74.7bn. This includes net acquisition of valuables, land improvements, equipment purchases and construction projects.
This marks an increase of 1.5 per cent compared to the last quarter of 2014, and is at its highest level since 2007.
Since the first quarter of 2014, capital formation increased by 3.4 per cent over the year.
The figures mark the longest period of quarter on the same quarter a year ago growth to date.