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UK triple-dip recession looms

Chancellor George Osborne has vowed not to "run away" from Britain's economic problems amid fresh signs the UK is heading for an unprecedented triple-dip recession.

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Osborne: GDP reminder of 'difficult economic situation'

Chancellor George Osborne said today's GDP figures are a reminder of the "difficult economic situation" faced by the country. Speaking from Davos, where world leaders and business leaders are meeting, he said:

"We have a reminder today that Britain faces a very difficult situation, a reminder that last year was particularly difficult.[..] Now we can either run away from these problems, or we can confront them, and I am determined to confront them."

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