The Chancellor has hailed today's figures as a major milestone and there is a lot of optimism, but is it being felt by ordinary people?
The IMF has again raised its forecasts for Britain's GDP growth - just a year after warning that the Chancellor was "playing with fire".
Philip Clarke took on a tough job as Tesco's chief executive - now his reign is over after three years of declining sales.
George Osborne has said the news that the economy is now ahead of its peak before the financial crisis is "a major milestone".
Economy grew by 0.8%. Thanks to the hard work of the British people, today we reach a major milestone in our #LongTermEconomicPlan
The economy grew 0.8% in the second quarter of this year, according to the latest estimate from the Office for National Statistics.
Despite the positive news, the Chancellor tweeted that there was still a "long way to go" for the economy to fully recover from the crisis.
Economy bigger than previous peak in 2008 but long way to go-the Great Recession was one of deepest of any major economy & cost UK 6 years
He also stressed the need for the Government to stick to its economic policies and "not to repeat the mistakes of the past".
We owe it to hardworking taxpayers not to repeat the mistakes of the past &instead work through the plan that's delivering economic security
The UK economy grew by 0.8% in the last quarter, driven by growth in services and production, the ONS said.
- Output increased in two of the four main industrial services: Services grew by 1%, production grew by 0.4%, whilst construction and agriculture were both down slightly, by 0.5% and 0.2% respectively.
Britain's gross domestic product has grown 0.8% in the second quarter of the year, following the first quarter growth of 0.6%.
The economy is now 0.2% ahead of its pre-crisis peak in early 2008, the ONS said.
Labour shadow Chancellor Ed Balls said GDP growth did not mean the recovery was being felt by ordinary people, as real terms pay is falling, resulting in "a lost decade for living standards".
He rejected the Coalition's claim that the expected figures show their economic policies are working. Writing the Guardian, Ed Balls said:
– Ed Balls, Labour's Shadow Chancellor
Not only is it two years later than the Chancellor's original plan said, and three years after the US reached the same point, it's also the case that GDP per head won't recover to where it was for around another three years - in other words, a lost decade for living standards. So while David Cameron and George Osborne complacently claim the economy is now fixed, most people are worse off.
The Chancellor George Osborne and Prime Minister David Cameron said the GDP figures expected today are proof the government's long term economic recovery plan is working.
IMF upgrades UK growth by more than any other major economy. Further evidence that our #LongTermEconomicPlan is working
IMF predicts UK to be fastest growing economy in the G7 - more growth means more jobs and more security for families. http://t.co/QmOpiVa5sI
Profits at taxpayer-backed RBS have risen significantly in the first half of the year.
The bank said its preliminary results were "significantly stronger than the marked has been expecting", with an operating profit of £2.6bn compared to £708m in the first half of 2013.
However chief executive Ross McEwan issued a note of caution, saying there would still be "bumps in the road ahead" as the bank deals with various "legacy issues", such as the mis-selling of Payment Protection Insurance.
Along with the good news on profits, RBS also announced it had set aside an extra £250m to cover fines for mis-selling PPI and interest rate swap products.
Official figures on the state of the UK economy released today are expected to show gross domestic product (GDP) has recovered to pre-recession levels.
- GDP is forecast to have grown 0.8% in the second quarter of the year, maintaining the pace of the first quarter
- Growth in the first three months of the year was just 0.6% of its previous peak in early 2008
Unipart Automotive - one of the UK's largest suppliers of car parts and garage equipment - has gone into administration with the loss of 1,244 jobs.
The Serious Fraud Office said it has opened a criminal investigation into allegations of fraudulent conduct in the foreign exchange market, the Press Association have reported.