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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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George Osborne: 'Forecast from our own independent body says we are going to avoid a recession'

The Chancellor has given his reaction to the Organisation for Economic Co-operation and Development's warning that the UK is in a recession after the economy contracted in the first quarter of 2012.

George Osborne said: "Our own forecast from our own independent body says we are going to avoid a recession".

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