Britain’s double-dip recession has ended after the economy grew 1 per cent between the second and third quarters, a rate that surprised investors and delighted the coalition government.
The quarterly growth was the strongest in five years, though the economy is still no bigger than it was a year ago and 3 per cent smaller than before the financial crisis hit. One-off factors also flattered the figures.
The data come at a critical time for the UK government, whose austerity programme has encountered fierce criticism as the economy has faltered. David Cameron, the prime minister, and George Osborne, the chancellor, were privately thrilled by the news, though both stressed there would be a protracted and erratic path to full economic recovery.
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