Osborne calls for realism as economy contracts further

George Osborne has stressed Gordon Brown must be more realistic about the state of the economy after the latest GDP figures revealed the economy is continuing to contract.

Data from the Office for National Statistics shows that the economy shrank by 0.8 per cent in the second quarter of 2009, meaning that the recession has now lasted for five successive quarters.

The annual decline is 5.6 per cent, the worst since records began.

George, the Shadow Chancellor, said, "These disappointing figures are much worse than expected and show that the recession is longer and deeper than the Government had lead us to believe.”

And he stressed, "It is time we had a bit more realism from our Prime Minister about the state he has lead the economy into and the debt crisis it now faces."