OECD: Britain 'in recession'

The Organisation for Economic Cooperation and Development has said it expects Britain's economy to contract by 0.4 percent for January to March, following on from last quarter's -0.3 percent.

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Ed Balls: 'It's time the Chancellor listened to wise advice'

The shadow chancellor, Ed Balls, has given his response to the OECD's economic forecasts for UK growth. He said:

"A double-dip recession can and should be avoided. But after 15 months of zero growth under George Osborne simply avoiding a technical recession is not good news for our economy.

"Last year the deputy head of the OECD said if growth is slower than expected the Government should slow down the pace of tax rises and spending cuts. That is what the OECD is now forecasting and, with our economy flatlining for over a year, it's time the Chancellor listened to wise advice."

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