Some good news for the British economy – but the celebration might not last long

We’ve been waiting for a while for the Office for National Statistics to deliver us some good news on the British economy – and today it came. Output grew by 0.5% in February, up from zero growth in January and higher than the 0.1% forecast by economists. Some usual caveats apply. Monthly data can be volatile and prone to revision – but it can go up as well as down. While publishing the latest figures, the ONS also revised up its January figure from -0.1% to zero. It’s clear that, across the economy, sectors performed robustly. The big surprise was…