The UK population is spending more and has a greater amount of money available to save each month after paying direct taxes, a quarterly health check of the country's economic well-being has shown.

The final figures of their kind before the General Election in May show household spending increased 0.3% in the final quarter of 2014 compared with the three months to October, while disposable income was up 1.8% during that quarter.

Data from the Office for National Statistics (ONS), which takes the Christmas period into account, shows real household disposable income (RHDI) per head was 2.2% above its pre-economic downturn level, while the real household spending per head remains 2.5% below during the same timeframe.

It comes as reports from the ONS today also showed the UK economy grew by 0.6% in the fourth quarter, revised up from a previous estimate of 0.5%, as the economy grew by 2.8% during 2014, up 0.2% from a previous estimate.

Today's figures show a 0.2% increase in household income between now and when the coalition Government took over in May 2010.

Chancellor George Osborne said the ONS figures were "a hat-trick of good news" for the economy and demonstrated the Conservatives' long-term economic plan was working.

He said: "We've had a significant upgrade to GDP, the highest consumer confidence for over 12 years and confirmation that living standards are higher than they were at the last election."

Household income was 3.8% above its pre-economic downturn level by the end of June 2009, one year before David Cameron formed a government.

Today's ONS report states that the initial improvement in real household income per head was a result of several factors, including interest rates reaching historic lows meaning lower mortgage payments and an increase in the amount people had to spend or save after deductions such as council tax.

It adds: "Additionally, as employment fell and unemployment rose, people paid less in the way of taxes and claimed more in the way of benefits. The result was that real household incomes were supported by rising social security benefits and reduced taxes. However, moving into early 2011, the impact of these factors had worn off and inflation had risen.

"The increase in prices eroded the growth of household incomes, as prices were rising at a faster rate than people's incomes, and therefore, over time, people found their income purchased a lower quantity of goods and services. Following this, until late 2014, real household income per head has remained broadly flat."

In the final quarter of 2014, household income per head increased 1.9% compared with the same quarter a year ago.

Tory Culture Secretary Sajid Javid wrote on Twitter: "Encouraging from ONS: Growth revised up, consumer confidence up and biggest rise in business investment since Labour's bust."

Business minister Matt Hancock added: "Today's ONS figures show living standards are now 2% higher than before Labour's Great Recession and higher than 2010."