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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: 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

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