UK Economic Growth Almost Tops 2006 Figure

Revised official figures show that the UK economy grew last year at the fastest pace since 2006.

The Office for National Statistics (ONS) said the economy expanded at 2.8% in 2014, approaching the figure of 3% seen eight years before.

The ONS boosted the figure after a standard revision to growth in the last quarter of 2014 was calculated.

It said Q4 growth was 0.6%, up from the previous estimate of 0.5%.

This took growth for the whole of 2014 to 2.8%, from the earlier published figure of 2.6%.

It said several factors were behind the greater pace increase, including a big boost to exports, along with increased household spending and services spending.

The ONS made the announcement at the same time as revealing the latest current account figures for income received and liabilities paid to the rest of the world.

It said the record current account deficit of £27.7bn in Q3 had been reduced to £25.3bn by the end of December.

New measures to calculate wellbeing of households were also released by the ONS.

It said real household disposable income increased by 1.9% last year, but overall it showed only a 0.2% increase from the figure at the end of Q2 in 2010.

It said household optimism over finances has continued to increase from a low point seen at the start of 2012.