Labour MP Rachel Reeves said today's inflation report by the Bank of England which slashed growth predictions from 0.8% to 0% showed the government must accept their plan 'A' to cut the deficit and stimulate growth is not working. She said:
"The economy has now shrunk over the last two and a bit years, since the coalition came to power, unemployment is higher since the coalition came to power and the deficit has actually increased."
ITV News has been asking people on Twitter to share their experiences on how the economic crisis has affected them in the last five years.
The Bank of England has slashed growth forecasts from 0.8% to 0% and has admitted the road to recovery will be long and slow.
In a couple of hours time Sir Mervyn King, or "Mr Governor," will have some grim news for the economy.