Growth: George Osborne has declared that the economy is “back on track” to deliver “prosperity” after official figures showed the recession has come to an end.
The Chancellor welcomed GDP statistics indicating that the economy grew by 1 per cent between July and September after shrinking for the previous nine months.
The growth rate was higher than many forecasters had expected but Mr Osborne warned Britain was still faced “risks” from the eurozone crisis and instability elsewhere. He welcomed signs of “underlying growth” in the British economy.
“Britain is recovering from a very deep banking crisis and some very deep seated problems that emerged over many years. But today you can see that the British economy is on the right track,” he said. “If we stick with what we’re doing, getting the deficit down, creating jobs, fixing the deep-seated problems in the British economy then I think you can see now that it is going to deliver the kind of underlying prosperity we want to see in this country.”
However, the chancellor insisted he was not complacent, despite the welcome return to growth.