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UK growth forecast 'cut to -0.7%'

The respected financial think-tank the OECD has revised down Britain's growth for this year from 0.5% to -0.7%.

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Labour: 'OECD figures show Govt policies have failed'

Responding to the growth forecast published by the OECD, Shadow Chief Secretary to the Treasury Rachel Reeves said: "These very concerning forecasts show just how badly the Government's economic policies have failed. Britain's growth forecasts have been slashed by more than any other major economy.

Shadow Chief Secretary to the Treasury Rachel Reeves. Credit: ITV

"And while Ministers desperately try to blame allour problems on the Eurozone crisis, the OECD says France and Germany are doingbetter than us.

"In fact Britain is one of just two G20 countries in adouble-dip recession.

"David Cameron and George Osborne need to stop clinging on to their failed economic plan and change course now. Without a serious plan for jobs and growth we won't get the deficit down and yet more long term damage will be done."

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