Vince Cable: These GDP figures are a cold blast of realism
- 00:03:15
- ITN
Vince Cable: These GDP figures are a cold blast of realism
Britain is suffering its deepest and longest recession for decades with output falling for a sixth consecutive quarter. It is the longest negative run since figures were first recorded in 1955. The economy contracted by 0.4 per cent between July and September. The shock decline in output underlines the long road ahead to recovery and forecasts for the final quarter of 2009 may now have to be adjusted. Experts predict a return to growth in the final quarter as people bring forward spending to avoid January's VAT hike, but at a lower level than the 0.4 per cent previously forecast. Even when the economy does grow again, the slow level expected for at least the next year means dole queues will continue to increase, probably to three million or more from the current 2.47 million.
ITN | October 23, 2009
