Figures from the Office for National Statistics show the economy is growing at the fastest pace since 2007, with 0.8% growth recorded for the last quarter of 2013 and 1.9% for the whole of last year. Vince Cable, the Business Secretary, said: “There has been a positive change in economic sentiment over the last six months or so. A real recovery is taking place.” The Confederation of British Industry also said that more companies were seeing their sales grow than at any other time since the crisis began. “A picture is unfolding of a real upsurge in output across much of the UK economy,” said Katja Hall, the CBI’s chief policy director. The news follows an upgraded forecast from the IMF last week which predicts UK growth of 2.4% in 2014. However, Mr Cable warned in a speech to the Royal Economic Society at the Bank of England that another property-linked boom-bust cycle must be avoided and urged the Bank of England to make it harder for people to get mortgages in order to prevent a build-up of unsustainable debt.
My thanks to the LGiU for this article
An interesting and positive view from Vince Cable who we should remember was the man who saw the economic collapse coming and warned Labour, who were then in Government, about it. They ignored him and look where we are now.