Chancellor George Osborne says:
"Thanks to the hard work of the British people, today we reach a major milestone in our long term economic plan.
But there is still a long way to go – the Great Recession was one of the deepest of any major economy and cost Britain six years."
While shadow chancellor Ed Balls points out that the UK is three years behind other many other advanced nations:
“With GDP per head not set to recover for three more years and most people still seeing their living standards squeezed this is no time for complacent claims that the economy is fixed.
“Wages after inflation are down over £1,600 a year since 2010, housebuilding under this government is at its lowest level since the 1920s and business investment is lagging behind our competitors.