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New figures show the UK economy contracted by 2.4% in the first quarter of 2009, its biggest quarterly decline in over 50 years.
Data from the Office for National Statistics reveals the contraction, the sharpest since the second quarter of 1958, was primarily caused by plummeting output in the construction and manufacturing sectors.
George Osborne, the Shadow Chancellor, said the figures “tell us something about the past and the future”.He stressed, "We hope the recovery comes as soon as possible but sadly we now know this recession has been longer and deeper than we had thought.”
George warned, "This also means that in the future unemployment will be higher and Labour's debt crisis will be even worse."
George is Shadow Chancellor of the Exchequer. He has worked in a wide range of departments during his political career.
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Andrew Lansley and Philip Hammond explain why the Conservatives will help people in old age so that they can "leave as much of their lifetimes savings as possible to the next generation".
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Promoted by Alan Mabbutt on behalf of the Conservative Party, both at 30 Millbank, London, SW1P 4DP