• GDP increased by 0.3% in Q1 2013 compared with Q4 2012, subject to revisions of on average 0.36%.
• GDP was 0.4% higher in Q1 2013 than in Q3 2011 and therefore has been broadly flat over the last 18 months.
• Largest contribution to Q1 2013 GDP growth came from services; these industries increased by 0.6% contributing 0.47 % to the 0.3% increase in GDP.
• Before the sharp fall in output in 2008 and 2009 the economy peaked in Q1 2008, the lowest level was in Q2 2009.
• GDP fell 6.3% from peak to trough.
• In Q1 2013 GDP was estimated to be 2.6% below the peak in Q1 2008.

Today's figures are an encouraging sign the economy is healing. Despite a tough economic backdrop, we are making progress.—
George Osborne (@George_Osborne) April 25, 2013

No triple dip…

Movie star Benedict Cumberbatch is a textbook metropolitan lefty, almost apologising for being middle class as he attacked arts spending cuts during a speech at a TUC rally in 2010. Surely just a coincidence that his new role as the baddie in Star Trek casts him as the spitting image of George Osborne. “Into Darkness”, just as Fitch downgrades Britain’s credit rating from AAA to AA+…

Pic via @tweeter_anita

Via ITV.

Click to enlarge. You can read his speech in full here.

UPDATE: Buried in his HMT promoted speech is Osborne’s general election campaign message:

With all our welfare changes, we’re simply asking people on benefits to make some of the same choices working families have to make every day.

To live in a less expensive house.

To live in a house without a spare bedroom unless they can afford it.

To get by on the average family income.

These are the realities of life for working people.

They should be the reality for everyone else too.

No wonder the Tories were PRing the speech too. Whose side are Labour on? Simples…

24 hours later and Osborne’s budget has yet to unravel, though both sides are having quite a set-to over the Help to Buy mortgage scheme. This morning Labour spinners got very excited by Osborne’s refusal to deny that the scheme would help wealthy homeowners to buy second homes, having the cheek to call it the “spare home subsidy”.

Big Budget story emerging – Osborne unable to deny that his new housing scheme will allow wealthiest to buy second homes with govt support—
Labour Press Team (@labourpress) March 21, 2013

Both Osborne and Cable again did not deny it in the House at lunchtime. A Tory spokesman insists to Guido: “this is a very technical area. We have said that we are going to consult in order to get this right, instead of rushing into decisions or knee jerk reactions”. Yet Housing minister Mark Prisk seems to have made his mind up, telling Wato second homes would not be included.

Labour aren’t having a much better time of it: yesterday two-faced Chuka Umunna told Radio 4 he liked the policy, today he’s against it. If it turns out the spare home subsidy doesn’t exist and the policy is as he thought yesterday, that leaves him in a rather awkward position…

As the Chancellor joined the digital age he was left with @George_Osborne; it seems the naughty holders of the preferable @GeorgeOsborne handle have woken up and are sharing what might have been:

I believe, in a simpler, fairer and flatter tax system. – speech to IoD, June 1 2006—
George Osborne (@GeorgeOsborne) March 20, 2013

"We are the low tax party. For this party lower taxes aren’t just for Christmas. They are for life." Oct 1, 2007.—
George Osborne (@GeorgeOsborne) March 20, 2013

"We ought to make the case for lower and simpler taxes right at the beginning of the parliament." June 29, 2005.—
George Osborne (@GeorgeOsborne) March 20, 2013

"The next Conservative Government will raise the Inheritance Tax threshold to £1 million." Oct 1, 2007.—
George Osborne (@GeorgeOsborne) March 20, 2013

Not sure how things are looking “simpler” or “flatter” today… 

Public sector net borrowing is up from £86 billion in 2012-13 to £108 billion in 2013-14. It will fall to £42 billion by 2017-18, but the borrowing forecast for the entire parliament has risen by at least £140 billion. Herein lies the problem…

Their embargoed look at the budget has leaked before the Chancellor even stands up:

• Planned fuel duty hike scrapped
• 1p off a pint but cider up 2p, wine up 10p and spirits up 38p.
• Borrowing up to £61bn
• Income tax allowance will rise to £10,000 by April 2014
• Corporation tax cut to 20% by 2015
• Growth will apparently reach 1.8% next year, 2.3% by 2015. No Triple Dip.
• £2,000 cut to employer NI contributions.

Terrible economic news but cheaper beer.

UPDATE:

I wish to apologise for a very serious mistake by the @EveningStandard earlier which resulted in our front page being tweeted. 1/2…—
Joe Murphy (@JoeMurphyLondon) March 20, 2013

… 2/2 We are so sorry to the House of Commons, to the Speaker and to the Chancellor for what happened. We shall be apologosing to them—
Joe Murphy (@JoeMurphyLondon) March 20, 2013

UPDATE II:  Editor Sarah Sands has released this statement:

“An investigation is immediately underway into how this front page was made public and the individual who Tweeted the page has been suspended while this takes place. We have immediately reviewed our procedures. We are devastated that an embargo was breached and offer our heartfelt apologies.”