UK worth £5.3 trillion
New data from the Office of National Statistics estimates the UK’s net worth to be £5.344 trillion.
The figure, which includes financial assets, is up £456 billion on the previous year.
The UK’s greatest asset is housing, with a total value of £3,045 billion, up 11 per cent on the previous year, accounting for 57 per cent of the total wealth.
The increase in the value of housing is not unexpected considering the sustained price rises over the past year.
On manufacturing, which political opponents have accused the Government of neglecting, the ONS estimates that the value of plant and machinery in use has increased by 12 per cent in the past five years, indicating that investment is greater than depreciation.
Other figures out today from the ONS show an increase in the UK’s gross domestic product (GDP).
Compared to the previous quarter it increased by 0.9 per cent in the second quarter of 2004.
This pushes the annual rate of expansion to 3.7 per cent, the fastest growth since 2000.
Figures indicate that the growth is coming from production industries, manufacturing output and mining, with a further boost from the service sector.
The rise is in line with forecasts, but may add to pressure on the Bank of England to institute a further interest rate rise.
