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UK economy exceeds pre-crisis levels, says thinktank

 

The National Institute of Economic and Social Research (NIESR) has published a forecast which suggests economic growth is back on track.

 

An NIESR spokesperson said: ‘That means the level of GDP has surpassed its pre-recession peak, and is approximately 0.2% above where it was in January 2008’.

 

The news has been long-awaited and expected by some experts, since the US and Germany returned their economies to pre-crisis levels as early as 2010.

 

UK manufacturing is also reporting a revival, with the strongest growth seen in three years. Martin Beck, Senior Economic Advisor for the EY ITEM Club, says: ‘A decent expansion in manufacturing output and a continued rebalancing of the economy look set to continue’.

 

These optimistic figures are causing leading economists to once again predict that the Bank of England (BoE) will raise interest rates earlier than expected.

 

The Office for National Statistics (ONS) is to publish its own estimate of second-quarter growth in the UK later this year.