Boomtime for UK business as economic recovery ‘well under way’ [Video]

UK business has enjoyed its strongest growth for nearly a year – outpacing global rivals – in the latest sign that their recession has been left behind, writes John-Paul Ford Rojas.

A closely watched survey compiled by data provider S&P Global showed private sector activity gathering pace this month with the healthiest expansion since last May.

Ashley Webb, UK economist at Capital Economics, said the report suggests “the economic recovery is well under way”.

It came as separate figures from lender Nationwide showed households were starting to splash out more on gardening, eating out and holidays as cost-of-living pressures ease.

And in the City, the FTSE 100 provided further cheer as it hit a new record high.

But hopes that the economic recovery would help to deliver further relief to hard-pressed households ahead of the election suffered a setback as worse than expected borrowing figures reduced Chancellor Jeremy Hunt‘s scope to cut taxes.

And in another blow, …