Video: Economy worse now than a year ago, Vince Cable admits
Posted by Dan Martin in Business trends, Regulation on Thu, 20/10/2011 - 11:21
The UK economy is in a worse state now than it was 12 months ago when the government's spending cuts were announced, the business secretary has confessed.
Speaking to ITV News, Vince Cable said the "brutal reality" is that the economy is poorer under the coalition than the last government and admitted he could not rule out a double dip recession. It is however, he said, a "possibility, well indeed the certainty" that ministers will get Britain back on track.
Responding to Cable's comments, Labour's shadow business secretary Chuka Umunna said: 'This is a stunning admission from one of the most senior members of the Cabinet.
'But it is time this government actually took responsibility for their reckless decision to cut spending and raise taxes too far and too fast which has crushed our economy.
"A year after the Spending Review, the business secretary should reflect on the fact that confidence has nosedived since it was announced and work out what action he is going to take now to get our economy growing again."
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