UK economy grows at fastest in over six years, shy of forecasts

Britain's economy racked up its strongest annual growth in more than six years in early 2014 despite falling a touch short of forecasts, official data showed on Tuesday. But the economy is still smaller than its peak before the 2008-09 recession, underscoring why the Bank of England has said it will not be raising interest rates quickly. "The UK economy is in the sweet spot of the economic cycle, with growth powering ahead of our major competitors and inflation falling away," Ian Stewart, chief economist at Deloitte, said. The acceleration will help Prime Minister David Cameron as he tries to convince voters that his Conservative Party should be returned to power in next year's elections to carry on restoring Britain to financial health.

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