Chancellor George Osborne: 'British economy is growing'

The UK economy grew by 0.5% in the first three months of the year.

The Office for National Statistics' first estimate of economic activity shows a recovery from the 0.5% contraction recorded for the last three months of 2010.

The news alleviates fears of a so-called double dip recession.

The Chancellor George Osborne said it was good news given what he described as the "choppy economic conditions" around the world.