According to the latest figures released, The UK economy recorded a faster than expected growth rate of 0.7 per cent during the second quarter of the year from April to June backed by strong exports.

The Office for National Statistics has revised headline growth figure from 0.6 per cent estimate to 0.7 per cent for the quarter. The figure is much higher than the 0.3 per cent recorded during the first quarter of the year. The data released yesterday also showed that the exports rose 3.6 per cent between April and June indicating that the UK economy might be recording strong recovery. Business investment rose 0.9 per cent, workers' pay jumped by 2.4 per cent, Household spending rose 0.4 per cent and government spending was up 0.9 per cent.

The higher growth could bring in the case for the Governor Mark Carney of the Bank of England to consider rolling back stimulus package. The Bank of England has indicated that the interest rates will remain at record low of 0.5 per cent until the unemployment rate falls to 7 per cent, which it expects to happen only by 2016. However, experts have said that as the GDP rises faster, the unemployment might fall quickly adding pressure on the central bank to cut its stimulus packages.