Friday 30 January 2015 6:14 am
Do new figures tell us the financial future of the UK?
As average citizens, it has become rather hard to ascertain whether we should be positive about the future of the British economy or not. One morning we turn on the news or pick up the paper to see reports of an upturn in fortunes, only for this to be quashed just days later with stories of a slowdown and yet more austerity. The financial future of Britain will only take more prominence now that the General Election is just months away, but who are we to believe? Knowing exactly how the UK is faring is key to deciding how to manage our finances, whether this is how to invest, whether to get a mortgage or, indeed, decide if it is prudent to take out a loan with a reputable lender such as Satsuma.
Statistics from the Office for National Statistics this week may well have actually shed some light on this issue in an impartial way, so that British citizens who aren’t political or financial experts may be able to make some informed decisions on their futures. So, what are the positives?
The fluff-free answer is that the British economy actually grew by an impressive 2.6 per cent over the last 12 months, this is the quickest rate since 2007 and the start of the recession. This is up nearly a whole per cent from 2013’s figures and realistically shows that the UK is finally enjoying a period of sustained growth. What is perhaps the most encouraging stat is that 0.5% of this growth actually came in the last three months of last year, suggesting that the purple patch we are in could well continue.