James Forsyth James Forsyth

GDP figures show the economy needs fundamental reform

Today’s GDP figures are far worse than expected. They mean that the economy has now shrunk for three consecutive quarters. The figures have destroyed the optimism created by the fact that employment and tax revenues are rising.

Politically, these figures are undoubtedly a blow to the coalition. Labour is out trying to pin the blame for the continuing recession on the government’s economic policy.

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