LEP leaders welcome strong GDP figures
The data from the Office for National Statistics, show the economy is now 0.2% ahead of its pre-crisis peak, which was reached in the first quarter of 2008.
On an annual basis growth is 3.1% higher than was measured in the same period last year, leaving output higher than in the first quarter of 2008 – its previous peak.
Chancellor George Osborne hailed the news, stating: “Thanks to the hard work of the British people, today we reach a major milestone in our long-term economic plan.”
The Office for National Statistics said output increased in two of the four main industrial groupings within the economy compared with the first quarter.
Output was up by 1% in services and by 0.4% in production. However, output decreased by 0.5% in construction and by 0.2% in agriculture.
“But there is still a long way to go – the Great Recession was one of the deepest of any major economy and cost Britain six years. Now we owe it to hardworking taxpayers not to repeat the mistakes of the past and instead to continue with the plan that is delivering economic security and a brighter future for all.”
The business leaders who chair the region’s local enterprise partnerships, all welcomed the news.
Edwin Booth, from Lancashire said: “With major investment in the county through the Lancashire Growth Deal and the Preston, South Ribble and Lancashire City Deal recently announced, and significant infrastructure projects such as the M6 to Heysham link road now underway, the future for the Lancashire economy looks very bright.”
George Beveridge, deputy managing director of Sellafield and chair of the Cumbria LEP said: “The economic recovery, coupled with targeted investment programmes such as the Regional Growth Fund, has brought about record levels of employment in Cumbria.”
Mike Blackburn, BT’s regional director for the North West and chair of Greater Manchester’s LEP added: “The challenge for the country as a whole will be to ensure that this momentum continues. At a regional level there are still some major challenges to address, not least around skills and employment.
“We need to ensure that Greater Manchester continues to get investment for new jobs from national projects and funds that are designed to boost the UK economy, such as the Local Growth Fund and HS2. In addition, retaining a solid skills base will be paramount.”
Robert Hough, chair of Liverpool City Region Local Enterprise Partnership: “Having just secured £232m funding from Government we will be focusing our efforts on delivering the City Region Local Growth Plan, especially around the potential of the city centre and the development of a freight and logistics hub.
Christine Gaskell, chair of the Cheshire and Warrington LEP said it was important all areas benefit from the upturn: “In Cheshire and Warrington, we are seeing real signs of increased levels of business activity which in turn will lead to more jobs for our workforce. From GM Vauxhall announcing 300 new employees at Ellesmere Port to small business start-ups in the service sector, there is a growing wave of optimism in our economy.”
