Economic Growth Rises Against Odds

Writing by Paul on Thursday 24 January 2008

2007 Record Year

Despite the effect of the ‘credit crunch’ on lending and the recent turmoil in the world’s financial markets over the last few days, there was welcome news that 2007 recorded the UK’s strongest full year of economic growth at 3.1% since 2004 (3.3%).

End of Year Results

More astonishingly, the economy grew faster than expected in the final quarter of 2007, according to the Office for National Statistics (ONS)

5% Increase Mortgage Lending

The Council of Mortgage Lenders (CML) has also stated that 2007 was the strongest year ever for gross mortgage lending, despite an expected slump towards the end of the year. Compared to 2006, mortgage lending increased 5% to a record £362 billion in 2007.

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