US economy grows 2%
Barack Obama got a boost today when official figures showed the US economy grew 2% in the third quarter of the year.
The figures showed that a boost in consumer spending was largely responsible for the rise, despite a fall in exports.
British ministers too will welcome the figures, which follows yesterday's news that the UK has moved out of recession.
Treasury Minister Sajid Javid this evening gave his cautious welcome to this week’s GDP figures, which estimate the economy grew by 1.0% between June and September this year.
Speaking to Radio 4's Any Questions, the Economic Secretary to the Treasury said figures, combined with positive news on employment last week, show the Government’s economic plan is working - but claimed there was “still a long way to go”.
“This is great news. It doesn’t mean of course that people aren’t facing hard times. It’s still difficult for some people to find jobs. But I think this is the kind of confidence that we need, and it shows, I think, that the tough decisions the Government is having to take to repair our economy, are working. But it’s still right to be cautious, and keep on going and keep working hard at it.”