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The Shadow Chancellor Ed Balls has accused the Prime Minister and Chancellor of complacency and called for "direct help to struggling families and businesses".
Reacting to today's announcement of GDP figures, Mr Balls said: "These deeply disappointing figures expose just how dangerously complacent the Prime Minister was when he said last autumn that the ‘good news will keep coming’."
“This government’s failing plan has now seen our economy stagnate for over two years and borrowing is now rising as a result."
“It is grossly irresponsible and out of touch of George Osborne to once again try to shrug off bad news and refuse to heed the advice now coming to him from right, left and centre," he added.
The chief economist at the Institute of Directors, Graeme Leach, said that the end of the Olympics obscured the fact that the economy is flat - not shrinking:
The head of the TUC union, Frances O'Grady, has accused the Chancellor George Osborne of pushing the economy to the "brink of an unprecedented triple-dip recession".
The Office for National Statistics said the UK has recovered only half of the fall in GDP seen since the start of the 2008 recession, with output still 3.3% lower than its pre-recession level.
Chancellor George Osborne said today's GDP figures are a reminder of the "difficult economic situation" faced by the country. Speaking from Davos, where world leaders and business leaders are meeting, he said:
"We have a reminder today that Britain faces a very difficult situation, a reminder that last year was particularly difficult.[..] Now we can either run away from these problems, or we can confront them, and I am determined to confront them."
Labour MPs and party members have been reacting to today's GDP figures on Twitter
The head of the Confederation of British Industry (CBI) gave this reaction to today's release of GDP figures for the fourth quarter of 2012:
Latest ITV News reports
Business leaders at the World Economic Forum cautioned against complacency amid optimism that the eurozone is emerging from its crisis.
The Chancellor blames GDP figures on the crisis he inherited, and troubles abroad. As criticism mounts, his position becomes more difficult.