ommenting on recent positive economic news published by the independent Office for National Statistics, Theresa Villiers, Conservative Parliamentary Candidate for Chipping Barnet said: “This week we had a hat-trick of good news about the British economy: our economy grew more than previously thought, consumer confidence is at its highest levels of 12 years and living standards are higher than in 2010.”
“With 36 days to go to the election it’s another sign that changing course would put the recovery at risk.”
“Voters now face a clear choice: do we stick with a plan which is working, delivering growth and jobs, or do we put all that at risk with Ed Miliband whose policies of more spending, more borrowing and higher taxes will put economic recovery and prosperity at risk.”
Figures published this week by the Office for National Statistics (ONS) include:
Growth in 2014 has been revised up to 2.8 per cent. In 2014 GDP grew by 2.8 per cent – revised up from 2.6 per cent (ONS, Quarterly National Statistics, 31 March 2015).
This is fastest annual rate of GDP growth in this country since 2006 – and the fastest in the G7 last year. Canada, the next highest, grew at 2.5 per cent in 2014 (ONS, Quarterly National Statistics, 31 March 2015, link; OECD, Domestic Product, accessed 31 March 2015, link).
Consumer confidence is at highest level in over 12 years. The GFK consumer confidence is now at +4, up from +1 in February and at its highest level since March 2002 (GfK press release, 31 March 2015, link).
And it has increased significantly over the last year. The index is now 9 points higher than a year ago (GfK press release, 31 March 2015, link).
Living standards rose 1.9 per cent over the last year. Real Household Disposable Income (RHDI) per person, excluding Non-Profit Institutions Serving Households (NPISH) - the income of charities and universities - in Q4 2014 increased by 1.9 per cent compared to a year earlier (ONS, Quarterly National Statistics, 31 March 2015, link).
Living standards are now 2.2 per cent higher than they were before Labour’s Great Recession. They are also higher than they were at the last election. In Q4 2014 RHDI per capita (excluding NPISH) was £4,187, in Q2 2010 it was £4,178 (ONS, Quarterly National Statistics, 31 March 2015, link).