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Economy shrank by 0.3%

The economy shrank by 0.3% between October and December, according to the Office for National Statistics. That is worse than previously estimated.

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Ed Balls: 'Our economy has flatlined and not grown at all'

The shadow chancellor, Ed Balls, has responded to the revised GDP figures. He said:

"It's very worrying news that the economy shrank even more than we thought at the end of last year. And these revised figures also show that since George Osborne's spending review our economy has flatlined and not grown at all.

"This slow growth and rising unemployment means the Government is set to borrow an extra £150 billion to pay for the cost of economic failure."

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