GDP figures show we could be in deepest recession on record
October 22, 2009 10:42 AM
GDP figures released today show that the economy shrank by 0.4% between July and September.
Commenting on the figures Liberal Democrat Shadow Chancellor, Vince Cable said:
"For all the hopes of a quick recovery, these figures make it clear we are still in the longest and what could yet become the deepest recession on record.
"For all that has been thrown at the economy to try and stimulate a recovery it is clear that massive structural problems remain, particularly in the banking sector.
"This news adds to serious concerns over the realism of Government plans to deal with the burgeoning public debt. It is critical ministers spell out a credible path as to how they will deal with the deficit.
"With the legacy of unemployment likely to remain for years after the end of the recession, we need radical measures to avoid repeating the mistakes of the 1990s which left millions on the scrap heap."
