UK economy grows 0.7%, ONS estimates

George Osborne has dismissed the suggestion that there is no "feel good factor" in the UK because living standards have stagnated since the Government took office.

"I simple don't accept that," the Chancellor told ITV News Economic Editor Richard Edgar.

He added that today's growth in GDP means "more economic security, it means more jobs, it means a brighter future".

Read: What's behind the slight slowdown in UK economic growth

Chancellor George Osborne says the UK is at a "critical moment", with the economy facing the dual threat of a slowing eurozone and instability in global markets.

He claimed failing to follow through with the Government's economic policies would see a return to the "chaos and instability of the past".

Analysis: What's behind the slight slowdown in UK economic growth

Shadow Chancellor Ed Balls says today's GDP figures show a "concerning slowdown" in the economy.

He also claimed several areas of the economy were performing poorly.

“For all George Osborne's claims that the economy is fixed most people are still not feeling the recovery. Working people are over £1600 a year worse off since 2010 and these figures now show a concerning slowdown in economic growth too.

“Under this government house building is it at its lowest level since the 1920s, business investment is lagging behind our competitors and exports are way off target," Mr Balls added.

Analysis: What's behind the slight slowdown in UK economic growth

Chancellor George Osborne has welcomed today's GDP estimate, saying it shows the UK is "leading the pack" in the uncertain global economy.

The Chancellor published several tweets immediately after the figures came out, describing the economic outlook as "very encouraging".

Analysis: What's behind the slight slowdown in UK economic growth

Construction was the fastest growing sector of the economy in the third quarter of the year, according to the latest GDP estimate.

The Office for National Statistics preliminary estimate found that the dominant services sector grew at 0.7%, while agriculture was the slowest-growing sector at 0.3%.

Analysis: What's behind the slight slowdown in UK economic growth

The director of the Office for National Statistics has said there is "nothing very much to worry about" after new figures estimated a 0.2% drop in GDP in the three months to September.

The ONS estimates the economy grew 0.7% in the third quarter, compared to 0.9% in the second quarter.

Joe Grice told the BBC: "Having said that This is a little bit lower than 0.9% we saw last quarter, this is all within the margins of error."

"It is a bit lower, 0.2% lower than last time, but it's still pretty health growth. At an annualised rate that's 3% year. at this stage one would have thought in these figures, [there's] nothing very much to worry about.