The UK economy grew by 0.8 per cent in the second quarter of 2014, fuelling confidence that it is back on track.
This is according to the latest figures from the Office of National Statistics (ONS), which show the economy is now 0.2 per cent ahead of the pre-2008 crisis peak.
According to the ONS figures, the economy had grown 3.1 per cent since Q2 last year.
Speaking on Twitter, chancellor George Osborne, said: “[The] Economy grew by 0.8 per cent. Thanks to the hard work of the British people, today we reach a major milestone in our #LongTermEconomicPlan."
He added: “[The] Economy bigger than previous peak in 2008, but long way to go, the Great Recession was one of deepest of any major economy and cost UK six years. We owe it to hardworking taxpayers not to repeat the mistakes of the past and instead to work through the plan that’s delivery economic security."
However shadow chancellor Ed Balls poured scorn on the news, again on Twitter, warning that GDP per head is not set to recover for three more years, so there is "no time for complacent claims".
Infrastructure provider says international sales now make up 51 per cent of its revenue
Suzanne Chappell of TMS plans sailing venture after selling Oxfordshire-based TMS to acquisitive Chess
Withdrawal of credit insurance by some providers a 'reflection' of current challenge facing IT sector, according to MD Steve Soper
SMART's UK managing director joins Lenovo to boost SMB business