Mandelson concedes Labour worsened recession

Peter Mandelson last night admitted that the Labour Government allowed Britain's economy to become imbalanced by being "overexposed" to the financial services sector.

The former Secretary of State for Business said that this strategy meant that "when it went wrong the consequences to our economy were much greater."

Deputy Chairman of the Conservative Party Michael Fallon MP said:

"Peter Mandelson has admitted Labour made the recession worse. Ed Miliband and Ed Balls left Britain overexposed to a crash meaning that Britain had the longest recession and the biggest budget deficit in the developed world.

"This mess that the Coalition Government inherited shows why Labour can never be trusted with the economy again."