SIP Wealth Management, part of the WPS Financial Group, has welcomed the news that the UK economy grew by 1.9% during 2013 – the strongest increase since 2007, according to the Office of National Statistics (ONS). But the company also warns there is a long way still to go.

Last year’s growth was stronger than expected; the final figure was 0.3% better than the 1.6% forecast by the Bank of England in November last year. Today’s figures are welcome news for the UK economy just a year after it was feared that the country could sink into a ‘triple-dip’ recession.

Paul Williamson, Director of SIP Wealth Management, said:

“This is great news for the UK economy especially coupled with the recent decrease in unemployment and inflation being at its lowest since November 2009 at 2%.”

“The latest figures clearly show that economic recovery is finally gathering momentum but there is a still long way to go. Although this is an increase, we believe that businesses will remain conservative in their outlook until there is a consistent growth.”

“Our clients have started to report an increase in confidence in the economy, which is a welcome change from the stagnation of the past few years.”

SIP Wealth Management, part of the WPS Financial Group, is a specialist Practice of Independent Financial Advisers with over 50 years’ experience and expertise in developing ‘Self Invested’ Pension and Investment Portfolios.

WPS Financial Group is one of Wales’ biggest and most successful Chartered Financial Planning groups. With offices in Cardiff and Swansea, it has a turnover of over £1.2 million and funds under management of over £245 million.