Osborne: Growing GDP is positive news

Chancellor George Osborne gives MPs his take on the third quarter's GDP figures, which saw growth of 0.5%:

"The GDP numbers showed that the British economy is growing, and that is positive news.

"But of course we have a difficult journey to take, from the deepest recession of our lifetimes and the biggest banking crisis in British history, which is made more difficult by what is happening elsewhere in the world.

"The growth figures in the British economy are similar to the growth figures in the American economy, or the French economy, or the German economy.

"In 2011 the British economy has grown at exactly the same rate as the United States economy."