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Hopes that the worst of the recession is over were given a sharp boost today by much stronger than expected high street spending figures and a jump in the number of mortgage approvals.
The news comes ahead of GDP figures tomorrow that are expected to show the rate of contraction in the economy slowed in the second quarter.
David Kern, chief economist at the British Chambers of Commerce, said the 1.2 per cent rise last month in high street sales showed "the worst phase of the recession is over" but remained cautious. Mortgage approvals also rose to a 15-month high in June, according to the British Bankers' Association, with 35,235 loans granted, up from 31,919.
