UK triple-dip recession looms

Chancellor George Osborne has vowed not to "run away" from Britain's economic problems amid fresh signs the UK is heading for an unprecedented triple-dip recession.

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Boris Johnson: There are stupendous sums of money swirling around the planet

London Mayor Boris Johnson has denied that he was being critical of the Chancellor George Osborne's handling of the economy when he called for an end to the rhetoric of austerity today:

Speaking at the World Economic Forum in Davos, he said Mr Osborne was "on the money" with his talk of cutting the deficit, but that there were also more positive stories to tell.

He added that there were "stupendous sums of money" in the private sector waiting to be invested.

'Manufacturing is key' to getting Britain out of dowturn

The government is ignoring manufacturing by focusing its efforts on finance, according to Jane Robinson - a business development director in Barnsley, South Yorkshire.

She says the laser cutting and engraving business she works for, Cutting Technologies, struggled in last few months of last year, but that diversifying enabled them to stay afloat.

She spoke to ITV News about the importance of "making things" in the UK:

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Chancellor defends strategy in face of GDP drop

Chancellor George Osborne has told ITV News the government will stick to its strategy of reducing spending on welfare while putting money into infrastructure and reducing the deficit.

Boris Johnson: Government must 'junk talk of austerity'

London Mayor Boris Johnson has said the government must "junk talk of austerity" in order to boost confidence in the British economy.

London Mayor Boris Johnson Credit: Sean Dempsey/PA Wire

In a speech to business leaders in Davos, he said the government must "recognise that the single biggest inhibitor of demand is lack of confidence".

He added: "If only some of the people in this room would invest some of the cash in their balance sheets we would see that confidence rewarded in a virtuous circle.

"This morning's news demonstrates why the Chancellor is pursuing measures now that will boost confidence, further stimulate demand and bring growth, through investment in housing, transport and infrastructure."

Manager who lost job sees 'desolate' future

Richard banks worked as an IT service delivery manager for an outsourcing company until November when he lost his job.

Despite recent improvements in unemployment figures at the national scale, Richard has been in touch with around 20 job agencies since August and has found no work.

With mounting bills and a family to support, he told ITV News he feels as though he is "on the edge of the abyss waiting to fall off".

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