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George Osborne has dismissed the suggestion that there is no "feel good factor" in the UK because living standards have stagnated since the Government took office.
"I simple don't accept that," the Chancellor told ITV News Economic Editor Richard Edgar.
He added that today's growth in GDP means "more economic security, it means more jobs, it means a brighter future".
Chancellor George Osborne says the UK is at a "critical moment", with the economy facing the dual threat of a slowing eurozone and instability in global markets.
He claimed failing to follow through with the Government's economic policies would see a return to the "chaos and instability of the past".
Shadow Chancellor Ed Balls says today's GDP figures show a "concerning slowdown" in the economy.
He also claimed several areas of the economy were performing poorly.
“For all George Osborne's claims that the economy is fixed most people are still not feeling the recovery. Working people are over £1600 a year worse off since 2010 and these figures now show a concerning slowdown in economic growth too.
“Under this government house building is it at its lowest level since the 1920s, business investment is lagging behind our competitors and exports are way off target," Mr Balls added.
Chancellor George Osborne has welcomed today's GDP estimate, saying it shows the UK is "leading the pack" in the uncertain global economy.
Strong GDP growth of 0.7% in Q3 and 3% over the last year. The UK is leading the pack in an increasingly uncertain global economy
The Chancellor published several tweets immediately after the figures came out, describing the economic outlook as "very encouraging".
Critical moment for UK economy. We face a choice: return to economic chaos of past or work through plan that's creating a brighter future
Growth not just in services but in manufacturing and construction too. Very encouraging
Construction was the fastest growing sector of the economy in the third quarter of the year, according to the latest GDP estimate.
The Office for National Statistics preliminary estimate found that the dominant services sector grew at 0.7%, while agriculture was the slowest-growing sector at 0.3%.
The director of the Office for National Statistics has said there is "nothing very much to worry about" after new figures estimated a 0.2% drop in GDP in the three months to September.
The ONS estimates the economy grew 0.7% in the third quarter, compared to 0.9% in the second quarter.
Joe Grice told the BBC: "Having said that This is a little bit lower than 0.9% we saw last quarter, this is all within the margins of error."
"It is a bit lower, 0.2% lower than last time, but it's still pretty health growth. At an annualised rate that's 3% year. at this stage one would have thought in these figures, [there's] nothing very much to worry about.
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One in three people turned down for a payday loan following the introduction of tighter lending rules considered using an illegal loan shark instead, according to research.
Someone turned away by a payday lender is twice as likely to go a loan shark as they are to seek help from a credit union, a survey carried out for The Consumer Finance Association found.
The Consumer Finance Association (CFA) represents short-term lenders including the Money Shop, Cash Converters, Quick Quid, Peachy and Sunny.
A poll of 720 people who had been turned down for a payday loan by a member of the CFA following the new rules found a third had thought about going to an illegal lender after they were declined.
One in 25 (4%) said they had used an illegal lender, which is double the proportion who said they had gone to a credit union.