- 17 updates
British Deputy Prime Minister Nick Clegg said on Thursday that data showing Britain's economy shrank more than expected in the first quarter underlined the need to accelerate efforts to free up investment and credit.
Speaking between meetings in Berlin about the eurozone troubles, he said:
John Walker, the chairman of the Federationof Small Businesses, sounded a note of optimism despite today's disappointing GDP figures and the generally high inflation. He said:
He said the Government needs to focus on job creation, business investment and on boosting consumer confidence.
The chief economist at the British Chambers of Commerce has said he has "doubts about the accuracy" of today's GDP figures from the Office for National Statistics (ONS), which suggest the economy is shrinking faster than expected. David Kern said:
Shadow Business Secretary Chuka Umunna said today's GDP figures are a "damning indictment" of the Government.
Latest ITV News reports
New figures show that the UK economy is shrinking quicker than expected with the construction industry bearing the brunt of the slump
Figures from the Bank of England reveal a large gap between the British economy today, and where it might have been minus the credit crunch.