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UK economy grows by 0.8% in first quarter of 2014

The UK economy grew by 0.8% during the first quarter of 2014, the Office for National Statistics estimated today.

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Ed Balls: 'Wages after inflation are down £1,600 a year'

Labour’s Shadow Chancellor, Ed Balls has responded to the release of GDP figures by saying that "wages after inflation are down by over £1,600 a year".

Shadow Chancellor of the Exchequer Ed Balls Credit: Andrew Milligan/PA Wire/Press Association Images

Mr Balls said: "Now that growth has finally returned, the question is whether ordinary working people will properly feel the benefit and we have a balanced recovery that’s built to last.

“David Cameron and George Osborne want to tell people the cost-of-living crisis is over, but millions of hardworking people are still feeling no recovery at all.

He added: “Under this government, wages after inflation are down by over £1,600 a year. On top of this, tax and benefit changes will leave families almost £1,000 a year worse off by the time of the next election."

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