Isabel Hardman Isabel Hardman

Good GDP figures heap pressure on Ed Balls as Tories relax

Naturally, today’s first estimate of Q2 GDP figures showing that the economy grew 0.6 per cent makes good news for the Conservatives. They can relax on their sun loungers (sorry, in their desk chairs in their constituencies as they work hard for local people) this summer knowing that though things are only getting better slowly, they are at least getting better.

GDP Growth, Change on previous quarter

For George Osborne, this is personal vindication of his private theory that things would start to turn around this summer. The Chancellor’s plan for this year had been to survive the Budget and hope for growth later in the year. He appears to have taken the right strategic course.

The Tories are also aware of the notes of caution that always sound when these figures are released, not least that the ONS can revise them up or down as more data becomes available.

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