Rachel Reeves MP, Labour’s Shadow Chief Secretary to the Treasury, responding to the final estimate of GDP figures for the second quarter of 2012, said:
“While any small upward revision is clearly better than the opposite, these figures confirm our economy is in the longest double-dip recession since the Second World War. And that is the reason why the deficit is rising - up by 22 per cent so far this year.
“David Cameron and George Osborne’s plan is clearly failing. While they promised to secure the recovery, our economy has shrunk by 0.4 per cent since the spending review in 2010. And Britain is just one of two G20 countries in a double-dip recession.
“Thank goodness the ticket sales, TV rights and extra visitors from the Olympics will have a positive effect on the next quarter’s growth figures, but this short term boost is not the long-term strategy we need. We urgently need a change of course and a plan for jobs and growth to stop permanent damage being done, as the IMF has warned.
“The longer our complacent and out of touch Prime Minister and Chancellor cling on to their failing plan, the heavier the price our country will pay.”