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 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".