Economy grew faster than thought, figures reveal

Britain’s economy expanded at a faster pace than first thought with growth of 1.2 per cent in the second quarter of the year, a rate not seen for nine years, official figures revealed today.

The Office for National Statistics upgraded its estimate for growth of gross domestic product between April and June, from an already surprisingly high 1.1pc.

The advance - the strongest since the same figure was achieved in the first quarter of 2001 - was attributed to record-breaking gains in the construction sector, which helped lift the country’s industrial production.