SUN SHINES OVER BRITISH ECONOMY

ABOVE: With the sun shining the economy should continue to rise

Barring any upsets, growth should continue to revive.”

Stephen Gifford, boss of the Confederation of British Industry

7th June 2013

By Daily Star reporter

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BRITAIN’S flagging economy might finally be on the up, experts have claimed.

After years of belt-tightening, shoppers returned to the High Street, where retailers have seen the biggest spending rise in two-and-a-half years.

House prices, which took a knock during the recession, have also bounced back.

The Government’s Help To Buy scheme was credited with starting a mini-boom among first-time buyers.

And last month the average UK house was worth £166,898, up 2.6% on last year and the biggest rise since September 2010.

Last month also saw new cars leaving the forecourts at their fastest rate for six years, with 180,000 vehicles sold in May, 11% more than last year.

And Britain’s factories took on more staff, with a glut of new orders.

Economist Chris Williamson said the UK was “on the mend” but added: “Progress is frustratingly slow.”

Experts were still concerned about the high cost of living and sluggish wage rises. Some called for the Bank Of England to print extra bank notes to try to boost spending.

But Stephen Gifford, boss of the Confederation of British Industry, said: “Barring any upsets, growth should continue to revive.”

A report from card company Visa found that consumers were spending more on luxuries like trips to the hairdresser, travel, jewellery, eating out and mobile phones.