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Reacting to today’s monthly GDP estimates Dr George Dibb, associate director for economic policy at IPPR, said:

“The small boost to UK output shown in today’s GDP release is a poor consolation for years of stagnant pay and sluggish productivity growth. This isn’t a thriving economy - our growth is still bouncing around zero. It’s time for policymakers to get on the front foot and focus on the underlying drivers of the economy. This means investment, investment, investment.

“With high interest rates, rising housing costs and low investment, the Treasury and the Bank of England need to act quickly to revive the British economy.”