Nuneaton’s MP Marcus Jones has welcomed today’s news that Gross Domestic Product (GDP) has grown to above its pre-recession peak. GDP is widely used by economists to gauge economic output.
The International Monetary Fund has raised its forecast for Britain's economic growth rate for the second time this year. The Washington-based organisation said Britain would maintain its status as one of the world's fastest expanding major economies following a surge in growth to 3.2% by the end of the year.
The figures have been strongly welcomed by the Town’s MP and local business.
Commenting on the news, Marcus said: “The Chancellor has said that today we reach a major milestone in our long term economic plan and the IMF has raised its forecast for Britain’s economic growth rate. This is another positive step in the right direction that our economy is recovering 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.
“Our Long Term Economic Plan for a healthier, rebalanced economy is delivering. We’re delivering record jobs and more security to the hardworking taxpayers of Britain and Nuneaton so they can provide more for themselves and their families.
“Labour crashed Britain’s economy after a decade of debt, leaving Britain with the biggest peacetime deficit in history. Labour didn’t fix the roof when the sun was shining.
“However, we now 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.”
Adding, Malcolm Harland, the Managing Director of Garland Partners Limited, based in Nuneaton, said: “As a Nuneaton based company operating in the high technology digital video industry we are hugely encouraged by the continued strengthening of the UK economy over the past 12 months.
“The latest GDP figures underpin our view that our own growth, which has exceeded 30% per annum for the past 3 years, will continue. This in turn gives us the confidence to invest further in both our technical and commercial team here in Nuneaton, as well as the resources around us, to capitalise on the activity that we expect from our sector over the coming 12 months.
“We have grown from 6 to 9 people in the last 12 months, and will now add 2 more people over the next 3 months.”