2015-09-30 09:00

U.K. Economy Regains Recession Losses as Wealth Increases

City of London. (SipaPress / Scanpix)
City of London. (SipaPress / Scanpix)
A key gauge of wealth in Britain has risen above its pre-recession peak and workers are seeing their compensation grow at the fastest pace in eight years.

New data from the statistics office shows that gross domestic product per head in the second quarter was 0.6 percent above its level in early 2008. The economy grew 0.7 percent in the period, the Office for National Statistics said Wednesday, unrevised from a previous estimate, with net trade driving the expansion.

Compensation of employees rose 4.7 percent in the three months from a year earlier, the biggest annual increase since 2007. That was led salaries and social benefits, while taxes declined. With inflation near a record low, real disposable income jumped 2 percent on the quarter, the most in three years.

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