Figures released by the Office for National Statistics have confirmed the economy grew by 1% in the third quarter of 2012, the strongest quarterly GDP growth in five years.
Graham said, “We still have a long way to go to sort out the economic mess left by Labour, but these figures show that we are going in the right direction. There are no quick fixes and I expect a long, hard road ahead. Government is still spending far more than it has coming in and we won’t eliminate that annual overspend until well into the next parliament.
“Thanks to the legacy left by Labour, our national debt will soar from 40 per cent of GDP in 1997 to 80 per cent in 2014. By 2016 we will owe a staggering £1.6 trillion. Anyone who thinks that the answer is to borrow and spend even more has lost leave of their senses.”