George Osborne welcomed a "double dose of economic good news" after the Office for National Statistics' upgraded its estimates on how fast the UK has grown since the crash, which now indicate that the economy fully recovered last summer.
The revisions for Britain's economic growth from 1997 to 2012 come as the latest report from the World Economic Forum lifted the UK one place to ninth in its international competitive ratings.
The Chancellor celebrated the statistics body's new estimates, showing that the UK has now grown 8.1%, up from 7%, under the first two years of the coalition, which he said was "faster than France & Germany". The Tories went on to boast that the economy is now 2.7% above its pre-recession peak, rather than 0.2%, as previously estimated.
Some expressed scepticism about the even more positive economic outlook, with BBC's economics editor Robert Petson quipping: "We are supposed to take this stuff seriously?"
Office Nat Stats signals UK depression ended 9 months earlier than it said 6 weeks ago. & we are supposed to take this stuff seriously?
— Robert Peston (@Peston) September 3, 2014
Despite Osborne trumpeting the improved estimates for how the UK has done, the ONS' chief economist Joe Grice stressed: "The broad picture of the economy has not changed much."
Here are ten awkward economic facts that Osborne would be less keen to talk about.
10 Facts George Osborne Wants You To Ignore Now The Great Depression Nears An End
Are we really better off than we were six years ago? (01 of10)
Open Image ModalWe're better off... due to drugs and prostitutes(02 of10)
Open Image ModalThe ONS has now factored in spending on drugs and prostitutes into its calculations, estimating that it is worth 0.5% of GDP."The vast majority of illegal drugs that households consume are assumed to be imported from overseas," it adds. Labour have seized on this, with shadow chief secretary Chris Leslie saying “these accounting changes to the way GDP is measured do not mean families or businesses are better off." (credit:Jan Sochor/CON via Getty Images)
This is still the slowest recovery on record(03 of10)
Open Image ModalAnd the deepest recession on record(04 of10)
Open Image ModalONS chief economist Joe Grice said: "It remains the case that the UK experienced the deepest recession since ONS records began in 1948" (credit:ASSOCIATED PRESS)
We're still not very productive (05 of10)
Open Image ModalThe ONS states: "The headline story of weak productivity remains, and the latest GDP growth revisions do not offer a solution to the ‘productivity conundrum’." Economic productivity was still 2.5% below its pre-crisis peak in the last quarter of 2012, the statistics body said.
Your pay will not have fallen this far since Disraeli(06 of10)
Open Image ModalYour pay won't be back to normal for years either(07 of10)
Open Image ModalOsborne will still struggle to get Britain exporting (08 of10)
Open Image ModalThe ONS warned: "The contribution of net trade is unchanged and remains weak."Despite Osborne warning in his Budget that he wants businesses to export more, the Office for Budget Responsibility, the government's forecaster, predicts that the UK's exports will still fail to make a net contribution to the country's growth. It said: "Net trade is expected to make little contribution to growth over the remainder of the forecast period, reflecting the weakness of export market growth and a gradual decline in export market share."
How's that deficit reduction going? (09 of10)
Open Image ModalOsborne took a while to have any effect(10 of10)
Open Image ModalOsborne's early actions as chancellor are not viewed much more positively, with the ONS saying: "The early part of the recovery path is broadly unchanged, but stronger growth now prevails through 2011 and 2012." (credit:Oli Scarff via Getty Images)