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Labour: Recovery not being felt by most people

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".

Read: Chancellor: GDP figures show recovery plan working

He rejected the Coalition's claim that the expected figures show their economic policies are working. Writing the Guardian, Ed Balls said:

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.

– Ed Balls, Labour's Shadow Chancellor

Read: UK's growth forecast raised a year after IMF warning

Chancellor: GDP figures show recovery plan 'working'

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.

Read: GDP expected to reach pre-recession levels

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IMF upgrades UK growth by more than any other major economy. Further evidence that our #LongTermEconomicPlan is working

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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

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Read: UK's growth forecast raised a year after IMF warning

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GDP expected at pre-recession levels

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

Read: UK's growth forecast raised a year after IMF warning

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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.

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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

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