Where does economic growth come from and how best can a balanced recovery be sustained? These questions are now central to macroeconomic debates in the UK - from the impact of the Coalition’s fiscal austerity programme to key decisions being made by the Bank of England about if and when to start tightening monetary policy. Stephanie Flanders from the BBC has this blog on the growth issue and a revealing and positive report from the North East of England. She also has a two-part series on radio 4 available here. I blogged here about the growth debate last month after attending a lecture at the LSE.

Quarterly change in UK real GDP

Data from Timetric.

To view this graph, please install Adobe Flash Player.

Office for National Statistics’ time series from Timetric