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News - 25 October 2013

UK economy has grown

The Office for National Statistics (ONS) has released the official GDP figures for July to September which has shown a rise of 0.8% in economic output.

The third quarter figure builds on a 0.7% GDP rise in the April-June quarter, and is the best quarterly performance since 2010.

Friday's figure is the first estimate, and some economists believe the data might be revised upwards.

Chancellor of the Exchequer George Osborne said in a tweet: "This shows that Britain's hard work is paying off and the country is on the path to prosperity."

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The housing market recovery is seen as a driving force behind the rising economic output.
The IMF now expects the economy to grow by 1.4% this year – double the rate it was forecasting in April.”

For those who are looking for a more personal approach on a range of issues, including Business strategy, business recovery, sale or acquisition, VAT and all other tax strategies, contact us at ABDS.

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