The UK economy grew by 0.8% in Q2 2014, according to the Office for National Statistics, confirming that the economy has overtaken its pre-crisis peak.
It means the economy is now 0.2% ahead of where is it was in Q1 2008 and grown by 3.1% since the second quarter of last year.
Chancellor George Osborne described it as a “major milestone” in the government’s long term plan for economic growth.
However, living standards remain squeezed since real wages have not shown a massive increase in past months.
As a result, many households are having to carefully balance their finances to cover bills and this is placing some of them under financial pressures.
Careful money management can assist in these situations while personal loan options could be considered as long as the repayments can be made in a timely fashion.
The ONS has revealed the latest assessment despite saying it is lacking around half of the data required to complete the task fully.
As a result, it says any revisions between the first and third estimates of gross domestic product are “typically small”.
The service sector is the only part of the economy to have passed its 2008 peak at present although it accounts for around 80% of the entire economy.
Other sectors, including construction and manufacturing, have yet to reach those sorts of levels although growth is expected to continue.
Output per head might not reach pre-crisis levels until 2017 while other countries recovered their output considerably quicker.
Germany returned to its peak in 2010 while the US and France followed a year later although new methods of calculation will take place from September.
This could mean that the economy was actually stronger than first thought in 2008 and that the economy has in fact made up more ground than was anticipated.