25th Oct 2012 1:26pm | By Dan Thorne
The UK economy has today officially emerged from recession according to figures from the Office for National Statistics.
Chancellor George Osborne announced that the UK went through 1% growth in the third quarter - and claims it's evidence that his policies have put the country "back on track".
This is another sign that the economy is healing and we have the right approach," said Osborne.
The Office for National Statistics have indicated that the growth may have been artifically boosted by the London 2012 Olympic Games and the Queen's Diamond Jubilee, which gave the country and extra bank holiday.
"There's still much more to be done, there is a long road to travel, but we have got the right approach and we must stick with that approach. I think these figures show we are on the right track and they are accompanied, of course, by the fact that we have created one million new jobs in the private sector over the last two years. So, we have got to stick with the programme and recognise that these figures are positive." said David Cameron on a visit to a South London factory.
Shadow chancellor, Labour's Ed Balls disagreed with Osborne and Cameron's optimistic outlook, saying "Today's figures show that underlying growth remains weak and that our economy is only just back to the same size as a year ago – 12 months of damaging flatlining which has seen borrowing rise in the first half of this year."
The announcement comes as today it was announced that car manufacturer Ford intends to shut down operations in the UK with job losses predicted to number at 2,000 in Dagenham, Essex and Southampton, Hampshire.