Wow, that is a poor number. So much for Labour going to call an election on the back of the 'return' to growth.
And crocodile tears for the BBC having prepared for weeks on the Government's behalf a 'we are out of recesion day special.' (Love this headline, UK emerges from recession, repeat the BBC is not biased, the BBC is not biased....)
Worse to is to remember the comparison; with oct to Dec 2008 - the total financial meltdown and crisis. So we have as the UK only achieved a 0.1% better result than that. truly awful.
Even worse the cold spell of january will have knocked productivity so the Q1 growth this year may not be great either (although here the comparison is with a -2.0% result last year, surely we can beat that).
I have long said Quantitative easing will not end at £200 billion and this number confirms this approach. QE will continue until the election in some form, as the Government financing demands it in this time of fantasy budgeting.
By way of example, Government spending is going to fall this year from £670 billion to £650 billion - a sharp cut according to the Government. However, income is likely, at best, to be flat at £450 billion.
Final point, GDP measure includes public sector spending, in fact it is about half of the number in less difficult times. This suggests the private sector in the UK is deeply mired in recession still, with large shrinkage in each successive qaurter.