Economy grows by 0.8%

The economy has grown grew by 0.8% between June and September, the fastest pace in three years. Services provided the biggest boost but the utility sector fell 6.8%.

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Osborne: Britain is on the 'path to prosperity'

Chancellor George Osborne told ITV News that the UK is on the "path to prosperity" after figures released today showed that the economy grew by 0.8% between July and September.

Mr Osborne told Economics Editor Richard Edgar that growth was helping all of the UK and not just London and the south, he said: "I think you're seeing across Britain, jobs being created.

"Of course, we're emerging from a very difficult recession which hit some parts of the country particularly hard but what I see happening around me is businesses growing, jobs being created.

"That enables us to, where we can, help people with lower taxes and help people with income tax across the whole of the country".

George Osborne: 'More to be done' on UK economy

Chancellor George Osborne told ITV News the economic "recovery is gaining momentum" but admitted there is "more to be done".

Chancellor George Osborne said the recovery is "gaining momentum". Credit: ITV News

In an interview with ITV News' Economics Editor Richard Edgar, Mr Osborne said: "Lots of work remains but I think there's real momentum, of course we are emerging from a really difficult recession which hit some parts of the country very hard...I'm the first to say that there's more to be done.

"The recovery is in the early stages but the numbers we have today show that the recovery is gaining momentum.

"If Britain is growing then the finances of Britain's families will start to grow."

Clegg: 'Figures show we are on the road to recovery'


Labour: 'This is no recovery at all' for many across UK

After three damaging years of flatlining, it's both welcome and long overdue that our economy is growing again.

But for millions of people across the country still seeing prices rising faster than their wages this is no recovery at all.

Working people are on average over £1500 a year worse off since David Cameron came to office, yet very high earners have enjoyed a huge tax cut. And on the cost of living, growth and the deficit, this Government have failed every test they set themselves in 2010.

We now need action to secure a strong, balanced and sustainable recovery that works for the many, not just a few at the top. And simply to catch up all the lost ground since 2010 we would need 1.5 per cent growth in every quarter between now and the election.

– Ed Balls, Shadow Chancellor

In figures: UK's economy growth fastest since 2010

The UK economy grew at its fastest pace for three years in the third quarter as GDP rose by 0.8%.

Here is a closer look at today's figures:

  • It was the third successive period of improving output.
  • The 0.8% GDP rise is the best performance since the second quarter of 2010.
  • The figures saw all sectors of the economy grow, including a 2.5% surge in construction - a sector bolstered by the Help to Buy initiative.
  • Overall GDP was 1.5% ahead of the same period last year.
  • However, the economy remains 2.5% off its pre-recession peak at the start of 2008 and construction remains 12.5% of its pre-crisis peak.
  • Production grew by 0.5% and manufacturing by 0.9%.

Britain's economy has grown by 1.9% since last year

Graphs showing Britain's economic outlook have been released by the Treasury.

An image on Flickr shows the UK economy has grown by 1.9% since the end of last year. Credit: HM Treasury / Flickr
The growth revisions for 2013 by the International Monetary Fund. Credit: HM Treasury / Flickr
The UK's manufacturing activity was the highest in the G7 in September. Credit: HM Treasury / Flickr

Treasury: Recovery 'now has real momentum'

A Treasury spokesperson said the economic recovery "now has real momentum".

Today's GDP figures show that Britain's hard work is paying off and the country is on the path to prosperity.

Many risks remain, but thanks to our economic plan the recovery now has real momentum.

All parts of the economy are growing, the deficit is falling and jobs are being created - and that's the only sustainable way to raise living standards for hardworking families.

– HM Treasury spokesperson
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