+0.1%

So, Britain is out of recession but growing by a measly 0.1%.

Andrew Lilico, Chief Economist of Policy Exchange commented:

“These are appalling figures.  This is just the preliminary estimate, and the chances of being revised down by 0.1% or more are about evens, so we may well still be in recession.  And that is taking account of an inventory bounce as firms restocked their warehouses and the shift of consumption from January into December as households tried to avoid the VAT rise.  It now seems certain that there will be a double dip back into recession next year, and that may come as soon as the first quarter.  The slip back into recession might be announced in late April, right at the peak of the General Election campaign. Grim.“

Shadow Chancellor George Osborne issued this statement:

“Gordon Brown’s promise that Britain would lead the world out of recession lies in tatters. We were one of the first in and now, today, we are the last out. One of the reasons is clear: Gordon Brown’s decisions as Chancellor left Britain ill-prepared and his judgements as Prime Minister made the recession even worse. Gordon Brown’s legacy will be the Great Recession.”

A Channel 4/ ICM poll last night said that voters were unlikely to reward Labour for the end of recession...

"Asked if the end of the recession would make them more likely to vote Labour, 12% said yes. That could, presumably, be significant in marginal seats. But it is more or less cancelled out by the 10% who say the end of the recession will make them “less likely to vote Labour” – thankless business, politics."

...and that was before they knew how feeble it was. 

Tim Montgomerie