Rachel Reeves MP, Labour’s Shadow Chief Secretary to the Treasury, responding to revised GDP figures for the second quarter of 2012, said:
“Any small upward revision in growth figures is welcome, but our economy is still in the longest double-dip recession since the Second World War and that’s why borrowing so far this year has risen by a quarter compared to last year.
“David Cameron and George Osborne’s plan has badly failed. Since the spending review our economy has shrunk by 0.6 per cent. And with Britain just one of two G20 countries in a double-dip it is clear that this is a recession made in Downing Street.
“Thank goodness 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 this complacent Chancellor clings on to his failed plan, the heavier the price our country will pay.”