According to the Office of National Statistics, the economy shrank by 0.2% in the first three months of 2012. This comes on the back of a 0.3% contraction in the last three months of 2011 and confirms the UK is back in recession.
Peter Skinner, a Labour Economic Affairs spokesperson in the European Parliament, said:
“In the two years since they took power David Cameron and George Osborne have complacently ignored every warning about cutting too far too fast and boasted their austerity plan was the answer.
“Their tin ear and failed strategy has now plunged the UK into the first double-dip recession since the 1970s. Their economic credibility is in tatters and it is families and businesses who will pay the heavy price of their arrogance.
“I want them to wake up to their failure and put in place a strong jobs and growth plan. The longer this out of touch and incompetent Government sticks with these failed policies, the more damage will be done.”