According to the British Chambers of Commerce, in their UK monthly economic review for July, the UK economy grew by 0.4% in quarter 1 2015.
GDP growth as a whole for 2014 was revised up which is the fastest pace of growth since 2006. This upward growth revision was largely driven by better performance from the construction sector than previously thought.
Inflation rose from -0.1% to 0.1% but it is still the seventeenth successive month that CPI inflation has been below the Bank of England’s target of 2.0%.
The UK also still has a debt issue and the scale of this makes the UK more susceptible to external shocks, which means the continued task of re-balancing the economy remains difficult for those in charge.