UK economy stronger than first thought

Britain’s economy has grown at a stronger rate than it was previously estimated over the last few years, according to new figures, which could be a boon for Britain’s government ahead of elections next year.

The ONS now estimates the economy grew 1.6% in 2011 compared with its previous estimate of 1.1%. In 2012, the economy grew 0.7%, against 0.3% previously.

Britain’s finance ministry said the new figures could mean the economy was now around 2.7% larger than its pre-financial crisis peak, instead of the 0.2% currently estimated.

The economy is the key battleground ahead of next May’s general election and the Conservative Party hopes the strength of the recovery will persuade voters to return them to power, but opposition Labour , ahead in the polls says that most Britons have felt little benefit from the upturn.