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Osborne hails 'milestone' as GDP hits pre-2008 levels

The UK economy grew by 0.8% during the second quarter of 2014, the Office for National Statistics (ONS) said today.

The figures put the economy 0.2% ahead of its pre-crisis peak in early 2008, the ONS said.

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Labour: No time for complacent claims economy is fixed

Labour's shadow chancellor Ed Balls said today's GDP figures are no time for "complacent" claims that the economy is fixed, as the majority of people were not feeling the recovery due to wage stagnation, a lack of housebuilding and a lack of business investment.

Labour's Ed Balls. Credit: PA

At long last our economy is back to the size it was before the global banking crisis – three years after the US reached the same point.

But with GDP per head not set to recover for three more years and most people still seeing their living standards squeezed this is no time for complacent claims that the economy is fixed.

Wages after inflation are down over £1,600 a year since 2010, housebuilding under this government is at its lowest level since the 1920s and business investment is lagging behind our competitors.

– Ed Balls, Labour's Shadow Chancellor

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