Growth confirmed by GDP figures
YORKSHIRE business leaders have welcomed the news that the economy grew by 0.8% in the second quarter of 2014.
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 said: Thanks to the hard work of the British people, today we reach a major milestone in our long term economic plan.
“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.”
Sandy Needham, chief executive of West & North Yorkshire Chamber of Commerce, said: “Our latest Quarterly Economic Survey highlighted growing confidence, which in parts of our region is at historically high levels. Companies reported increases in sales, both home and abroad, increasing investment intentions and more recruitment activity in the last three months which is all welcome news.
“However, there is still slack in the system with many companies yet to reach maximum output; companies also reported increasing concerns over inflation fears and skills shortages. Despite this we are in a much better place than we were only twelve months ago.”
Dr Ian Kelly, chief executive of the Hull & Humber Chamber of Commerce, said: “Six years on from the global financial crash of 2008, these growth figures are indeed a major milestone in the UK’s economic recovery. However, debt remains a huge burden for many individuals and the nation as a whole, so the delicate balancing act must continue between encouraging growth and the timing of the next round of deficit reduction measures after the General Election.”
The Yorkshire region at a glance:
Employment
• Nearly 150,000 more people are in work than in 2010
• The youth claimant count has fallen by 15,500 over the last 12 months
• Unemployment is down by 38,000 since 2010
• Almost 5,700 have gained jobs through the Regional Growth Fund and Enterprise Zones
• Cut tax for more than 2.08m, including taking 266,000 out of paying any income tax
Education/Training
• More than 226,000 apprenticeships have been created since 2010 – the third highest in the country and 60,000 more than London
• Nearly 400 academies have opened in the region since 2010
• By May last year, there were 16,700 more primary places and 2,500 more secondary places in schools than in 2010
• Higher education application rates are on a par with other regions at 32.9%
Business Economy and Transport
• The value of orders in the region for construction/infrastructure in the first quarter of 2014 totalled £259m
• Government has invested £560m in the Northern Hub, which is due to be completed by 2019
• £270m has been given to support businesses through the Regional Growth Fund, supporting 64,000 jobs
• £290m committed to electrify the TransPennine railway, with work starting last year
• Govt is contributing £175.5m to the Leeds Trolleybus scheme and £15.8m toward the South Yorkshire rapid bus scheme
