The British economy has crept out of recession, by a lower than expected 0.1 per cent.
The economy had contracted for six consecutive quarters-the longest period since records were introduced in 1955.
Last week, unemployment dropped for the first time in 18-months.
The UK becomes the last major economy to emerge out of the doldrums.
Alistair Darling is the UK Finance Minister:
“ Although we’ve got growth today, it is, you know, a very modest figure and to remove public spending now would present, I think, a real risk to businesses and to the country as a whole.”
During the recession, British public borrowing hit 203 billion euros, manufacturing output dropped by 6 per cent and GDP slumped by 4.8 per cent in 2009.
The frail nature of the recovery hit the pound, which fell against both the euro and the dollar.