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Economy Shrinks since Coalition Takeover

The UK economy is confirmed to have shrunk since the coalition Government took office two years ago. It has been widely publicised that the economy is once again in decline, but after signs of recovery and growth last year, it was though that the economy would still be larger than when Labour lost their control.

This is the last thing Prime Minister David Cameron and Chancellor George Osborne wanted to hear, and seems to confirm the views of critics, including Ed Ball’s, shadow chancellor for the Labour party, who added: “As we warned two years ago, David Cameron’s and George Osborne’s ill-judged plan has turned Britain’s recovery into a flat lining economy, and now a deep and deepening recession”.

However, many seem to think that the output and the results of the second quarter were largely affected by the extra working day lost due to the Queen’s Diamond Jubilee. And while the Office for National Statistics said it was too early to measure the effect this may have had, most economists believe that it was responsible for a 0.5pc drop in gross domestic product growth.

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