A stock photo of money.

Osborne says UK economy 'on the mend'

The Chancellor said the UK's beleaguered economy is finally "on the mend" as official figures showed a second successive quarter of growth.

Live updates

GDP grows by 0.8% in third quarter of 2013

The UK's gross domestic profit (GDP) increased by 0.8 per cent in the third quarter of 2013, the ONS has announced.

The figure is unrevised from the previously published estimate.


GDP grew 0.8% in Q3, unrevised from the previous estimate: http://t.co/GV8QwPphlV

The growth follows increase of 0.7 per cent in quarter two of 2013.

Read: British economy sees fastest growth in 3 years


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".

Read: In figures - UK's economy growth fastest since 2010


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."

Read: In figures - UK's economy growth fastest since 2010

UK's economy still 2.5% below pre-recession peak

by - Economics Editor

This is the strongest quarter in three years but the year so far is weak. Services are making the biggest contribution but construction growing apace.

Utilities are down 6.8%, dragging overall production but manufacturing within that is up 0.9%.

The economy is still 2.5% below the pre-recession peak - so we have some way to go to catch the US and Germany.

It is the third quarter of expansion in a row for the first time since 2010 but the question is, can this pace be sustained?

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


Nick Clegg: Today’s #GDP figures show we are firmly on the road to economic recovery #economy #growth #jobs


Nick Clegg: We must continue to work hard to build a stronger economy and do it fairly. #economy #growth #jobs #GDP

Load more updates


Today's top stories