This could help to lift the spectre of the double dip recession that is still hanging over us.

It is more than double the growth that was anticipated and has put the possibility of a rise in interest rates back on the table. While this would be good news for savers (who have suffered much over the last few years) and for expatriates living in Europe (as it will strengthen the pound) but it could be worrying for many businesses particularly those that have borrowed on the strength of low interest rates.

But there is good news for retailers as it should boost consumer confidence and get people shopping again.