According to the Chancellor, recent good news on the economy has “decisively ended the controversy” about the correct direction for economic policy in the Government’s favour.
The big picture
The economic news that has grabbed most of the headlines has been the recent up-tick in the GDP figures, which showed 0.7% quarterly growth in Q2 2013. This is the joint-largest jump in output since 2010 (along with Q3 2012, which was boosted by the Olympics).
Taken on its own however, it is less clear that this marks a long-term change in economic fortunes. Similar periods of growth were recorded in 2009/10, but weren’t sustained.