Five questions answered on the UK’s GDP growth

How is the economy fairing?

The UK’s GDP has seen its fastest growth for three years latest figures have revealed. We answer five questions on the statistics. 

How much has the UK’s economic output grown by? 

According to the Office for National Statistics (ONS) UK economic output rose by 0.8 per cent between July and September.

This is the best quarterly performance since 2010.

What other figures were released?

The ONS said production grew by 0.5 per cent, however this is 12.8 per cent off its 2008 level. Within this manufacturing improved by 0.9 per cent.

The service sector grew by 0.7 per cent and is now 0.6 per cent above its pre-crisis peak. This represents three-quarters of economic output. 

What has the government had to say about these latest figures?

Chancellor of the Exchequer George Osborne tweeted: "This shows that Britain's hard work is paying off & the country is on the path to prosperity."

While the Deputy Prime Minister Nick Clegg said the figures "show that we are firmly on the road to economic recovery".

And the experts?

The Institute of Directors' chief economist Graeme Leach told the BBC: "The outlook looks better than at any time since the onset of the financial crisis. Indeed, our members have more confidence in the economy than at any time since 2008.

"However, strong headwinds remain and the annual growth rate year on year is nothing to get too excited about yet. Though inflationary pressures are likely to remain benign, debt and inflation are rising faster than earnings.

"This stage of our economic recovery is likely to be short and sweet, instead of long and strong."

The director-general of the British Chambers of Commerce, John Longworth, said: "This is the highest quarterly increase we've seen in three years, so the economy is clearly moving in the right direction.

"But we are still behind a number of advanced economies, such as the US and Germany, that have managed to recover the output lost during the economic downturn.

So, how does the economy fair overall?

The economy remains 2.5 per cent below its pre-recession peak at the start of 2008, and 1.5 per cent ahead of the same period last year. 

On the road to recovery? Photograph: Getty Images.

Heidi Vella is a features writer for Nridigital.com

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Recess confidential: Labour's liquid party

Sniffing out the best stories from Westminster, including Showsec, soames, and Smith-side splits.

If you are celebrating in a brewery, don’t ask Labour to provide the drinks. Because of the party’s continuing failure to secure a security contractor for its Liverpool conference, it is still uncertain whether the gathering will take place at all. Since boycotting G4S, the usual supplier, over its links with Israeli prisons, Labour has struggled to find an alternative. Of the five firms approached, only one – Showsec – offered its services. But the company’s non-union-recognition policy is inhibiting an agreement. The GMB, the firm’s antagonist, has threatened to picket the conference if Showsec is awarded the contract. In lieu of a breakthrough, sources suggest two alternatives: the police (at a cost of £59.65 per constable per hour), or the suspension of the G4S boycott. “We’ll soon find out which the Corbynites dislike the least,” an MP jested. Another feared that the Tories’ attack lines will write themselves: “How can Labour be trusted with national security if it can’t organise its own?”

Farewell, then, to Respect. The left-wing party founded in 2004 and joined by George Galloway after his expulsion from Labour has officially deregistered itself.

“We support Corbyn’s Labour Party,” the former MP explained, urging his 522,000 Facebook followers to sign up. “The Labour Party does not belong to one man,” replied Jess Phillips MP, who also pointed out in the same tweet that Respect had “massively failed”. Galloway, who won 1.4 per cent of the vote in this year’s London mayoral election, insists that he is not seeking to return to Labour. But he would surely be welcomed by Jeremy Corbyn’s director of communications, Seumas Milne, whom he once described as his “closest friend”. “We have spoken almost daily for 30 years,” Galloway boasted.

After Young Labour’s national committee voted to endorse Corbyn, its members were aggrieved to learn that they would not be permitted to promote his candidacy unless Owen Smith was given equal treatment. The leader’s supporters curse more “dirty tricks” from the Smith-sympathetic party machine.

Word reaches your mole of a Smith-side split between the ex-shadow cabinet ministers Lisa Nandy and Lucy Powell. The former is said to be encouraging the challenger’s left-wing platform, while the latter believes that he should make a more centrist pitch. If, as expected, Smith is beaten by Corbyn, it’s not only the divisions between the leader and his opponents that will be worth watching.

Nicholas Soames, the Tory grandee, has been slimming down – so much so, that he was congratulated by Tom Watson, Labour’s deputy leader, on his weight loss. “Soon I’ll be able to give you my old suits!” Soames told the similarly rotund Watson. 

Kevin Maguire is away

I'm a mole, innit.

This article first appeared in the 25 August 2016 issue of the New Statesman, Cameron: the legacy of a loser