The double-dip recession has been officially declared over by the Office for National Statistics, which announced the economy grew by 1pc in the three months to September.

The UK’s fastest growth in half a decade has ended nine months of contraction in which the economy shrank as the austerity measures, high inflation and the eurozone crisis took their toll.

In its first estimate of third quarter growth this morning, the ONS said that the economy grew 1pc compared to the previous quarter, in which it contracted 0.4pc.

David Cameron, the prime minister, said: “We still have a long way to go and there are still difficulties ahead, but I think these figures do show that we are on the right track, we have got the right approach.”…


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