Figures released by the Office for National Statistics (ONS) confirmed today (October 25) that gross domestic product (GDP) climbed by 0.8% between July and September – the fastest growth for three years.
The increase follows a 0.7% increase between April and June.
The news prompted George Osborne, Chancellor of the Exchequer, to tweet: “This shows that Britain’s hard work is paying off & the country is back on the path to prosperity.”
Earlier in the week the Confederation of British Industry (CBI) revealed that optimism among UK manufacturers rose at the fastest rate since April 2010, as orders and output grew steadily in the three months to October.
Stephen Gifford, CBI director of economics, said: “The manufacturing sector has increasing confidence in the UK’s recovery with optimism about the general business situation improving to the greatest extent since April 2010.
“New orders and output are continuing to grow steadily and expectations for the next three months are promising.
“But there are only limited signs of rebalancing towards exports or investment, with marginal growth in export orders and firms scaling back plans for capital expenditure on plant and machinery.”
Meanwhile, recent months have seen the business failures of Pooles Pies and Big D nut manufacturer Trigon Snacks.