British economy is ‘coming back’ from recession: Osborne

The latest official figures showed that the British economy is finally 'coming back' from the recession/economic slump, Chancellor George Osborne said.

According to figures released by the Office for National Statistics (ONS), Britain's gross domestic product (GDP) grew 0.8 per cent in the first quarter of this year. The January-March quarter marked the fifth quarter of GDP growth in a row. With the latest GDP growth, the economy recorded its longest positive run since the economic crisis of 2008.

Sharing the latest ONS report, Mr. Osborne told MPs that the economy's three main sectors, viz. manufacturing, services and construction, grew last year at a rate of more than 3 per cent for the first time in a decade.

But, he added that they needed to continue working through their long-term economic plan as the recovery could not be taken for granted.

Ed Balls, the shadow chancellor of the exchequer, complained that Mr. Osborne had broken his promise to end the budget deficit by 2015, and argued that living standards of Britons were on the decline. But, Mr. Osborne claimed that the country would be better off by next year.

Assuring the MPs, the chancellor said, "Britain will be better off because we won't have the mess of an economy on the brink of collapse, a banking system on its knees, an 11% budget deficit."

The British economy is now just 0.6 per cent lower than it level at the peak of the bubble in 2008, which indicates that the economy is on track to set a new record in the second quarter of this year.