Turning his fire on Coalition economic policy and the Chancellor of the Exchequer, George Osborne, Mr Leslie said: On jobs, growth, living standards and the deficit this government's economic policies have badly failed. "As the IMF warned this week we are a long way from the strong and sustained recovery Britain needs, which is why they are telling George Osborne to act now to boost growth and jobs. Alongside sensible spending cuts and tax rises it's the only way to get the deficit down and prevent any more long-term damage being done."
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Thursday, 23 May 2013
Office for National Statistics say Q1 growth was 0.3%
The UK economy grew by 0.3 percent in the first quarter of the year, official data showed on today, confirming the initial estimate and the nation's success in avoiding a third recession since the 2008 global financial crisis .The technical definition of recession is two quarters running of contracting economic activity. British gross domestic product grew after GDP had fallen by 0.3 percent in the final three months of 2012. The Office for National Statistics (ONS) said in a statement. "UK gross domestic product in volume terms was estimated to have increased by 0.3 percent between the fourth quarter of 2012 and the first quarter of 2013, unrevised from the previous publication."
Shadow financial secretary to the Treasury, Chris Leslie, responding to the second estimate of GDP for the first quarter of 2013, said: "These unrevised figures confirm that our flatlining economy is simply back to where it was six months ago. This is now the slowest recovery for over 100 years with just 1.1 per cent growth since the 2010 spending review compared to the 6 per cent forecast at the time."
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