So, it’s official: the UK has at last emerged from the most sever recession in 90 years … just. Figures released today show the economy grew by 0.1% in the last three months of 2009, lower than many analysts had predicted, says the BBC.
Here’s what Lib Dem shadow chancellor Vince Cable had to say:
The markets will be surprised that growth has been markedly slower than expected. Far from the quick recovery the Chancellor has been praying for, the economy is only just staggering back into growth.
“The British economy has had the economic equivalent of a heart attack and is still very weak. With both the construction and banking sectors in trouble, we are not out of the woods yet.
“The economy remains dependent on artificial money creation and a Government running a massive deficit, but with growth of just 0.1%, Tory proposals to immediately slash government spending would be disastrous.
“Our economy is too reliant on consumer spending and debt and a failing financial services industry. A lasting and sustainable recovery can only be achieved if we correct these fundamental imbalances.”
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