Britain's economic recovery is being fuelled by families raiding their savings, new figures suggested today. Despite the economy growing even faster than previously thought, people are still poorer than they were before the economic crash seven years ago. And families are able to save less each month than before the crash, according to the Office for National Statistics. It emerged today that in the first three months of the year, the economy grew 0.4 per cent – 0.1 per cent higher than previous estimates. Over the whole of last year it boomed 3 per cent, the ONS said. However, despite the strong growth, British families are still poorer than they were before the economic crash seven years ago.UK economy grew 3% in 2014, 0.2% higher than previously thoughtEconomic growth also revised up for the first quarter of 2015, figures showManufacturing, construction and the service sector all growing, ONS saidBut separate figures show disposable income is still lower than in 2008
Overall, the figures showed that the average – or 'median' – income in the _ was £24,500 at the end of 2014, up 3.4 per cent on the year before. 'Today's figures are another reminder that the economic plan we've pursued in Britain these last five years has increased our resilience - and we will take whatever further steps are needed to protect the _ from the new risks we see to our economic security.'