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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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No 10: 'These are difficult times in the world economy'

Commenting on the OECD forecast, which put the UK's growth forecast at -0.7%, the Prime Minister's official spokesman said:

Those figures demonstrate what we know which is that these are very difficult times in the world economy.

The OECD highlights the euro area crisis as the single biggest global economic risk and in addition to that problem that UK is dealing with some deep-rooted issues at home.

All the evidence shows that recovery from financial crisis takes a long time and there is no doubt we still have an impaired banking and financial system in this country.

Clearly it is going to be difficult for us in this country while there are continuing problems in the eurozone.

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