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New shoots

In July, the Office for National Statistics (ONS) published its Q2 estimate for GDP growth. At 0.8% it meant annual growth was 3.1% - the highest year-on-year increase since 2007.

GDP is now just 0.6% off its peak of 2008. And the make-up of the UK economy is pretty different now to then. 

The services sector has led the recovery, but manufacturing and production, and even construction, still lag behind the 2008 peaks. Retail and consumer products may remain the driving force of the UK economy, but that sector has seen much change.