The UK economy saw growth of 0.7%, the highest in the past two years.
Andy Burnham has been given some good news (Image: Getty)
Britain’s economy has grown at its fastest pace in two years fuelled by growth in the service sector according to new data. Numbers released by the Office for National Statistics (ONS) show economic growth increased to 0.7% in the period of July to September.
It will be seen as welcome news by Andy Burnham and his new Chancellor John Healey, having outpaced growth in the previous two periods. Between January to March the UK economy grew 0.6% and the second quarter of last year it was 0.5%.
Growth in the UK has been slow for nearly two decades since the financial crisis of 2008. Further trouble came in the form of the Covid pandemic and then price spikes caused by Russia’s illegal invasion of Ukraine.
Mr Burnham welcomed the news saying: “Despite a year where events around the world have pushed up costs here at home, our economy is growing, bringing hope for the future.
“Our job now is to keep focused on what matters to people: bringing down bills, creating good jobs, helping high streets thrive and backing businesses to grow.
“There is more to do, but we have a clear direction.
“Giving people breathing space now while making the long-term changes needed to deliver good growth in every part of Britain.”
Chancellor John Healey said in response to the latest UK growth data: “The Middle East conflict has hit growth worldwide, yet Britain is showing standout resilience.
“Our UK economy is growing at the fastest rate in almost 10 years, outside the pandemic.
“We are backing UK investment, innovation and fast growth firms. I want to bring back confidence in Britain.”
British families have continued to feel the squeeze on prices since the start of the Iran war which has sent energy and fuel prices rising.