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Worst recession in 50 years

Gross domestic product shrank by 0.7% between April and June, taking Britain into its longest double-dip recession for more than 50 years, official figures have revealed.

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Cable concedes he would 'probably' be a good chancellor

Business Secretary Vince Cable Credit: David Cheskin/PA Wire

The Business Secretary Vince Cable has said that he would "probably" be a good chancellor but stressed that he was not calling for a change in personnel.

He was responding to an earlier call by the Liberal Democrat peer Lord Oakeshott who said he should replace George Osborne, who he back-handedly praised for "doing well as a chancellor on work experience”.

Asked on BBC2's Newsnight whether he would make a good chancellor, he said: "I probably would, but George Osborne is doing the job, we're doing it together, well, as part of a team, and nobody's suggesting we change the arrangements."

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