George Osborne says UK is on the path to prosperity

George OsborneUK's Chancellor George Osborne has said that the UK is on the path to prosperity as the economy grew at its fastest rate in three years during the third quarter of the year.

The UK economy recorded a growth of 0.8 per cent during the quarter from July through to September, which is its highest since the second quarter of 2010. The construction sector recorded a strong growth at 2.5 per cent during the quarter as the government's polices helped boost growth and demand in the country.

The Office for National Statistics said that the British economy grew 0.8 per cent during the three months till 30, September, 2013. The growth is higher than 0.7 per cent recorded in the previous quarter and mostly in line with expectations. The quarterly increase indicates that the annual rise would be around 3.3 per cent. The manufacturing, the services sector and construction all recorded growth in the economy during the quarter indicating that the UK's economic growth is becoming self-sustaining.

Treasury chief George Osborne wrote on Twitter that, "This shows that Britain's hard work is paying off & the country is on the path to prosperity." He added that the figures show that the economy is recovering.