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Cable: UK could slip back into recession
The UK’s faltering economy could fall back into recession but government action is likely to help avoid another downturn, according to business secretary Vince Cable.
Vince Cable told ITV News at Ten it was a ‘brutal reality’ that Britain’s economy has weakened over the past two years
Asked if he could promise that Britain would not experience a double-dip recession, Cable said: “I can’t do that. We know conditions are very difficult but the government is doing the best it can to protect people.”
“There is no point pretending this isn’t difficult … the basic discipline is not something the government is doing enthusiastically.
“We are not masochists … but we are also doing positive things looking at how to create growth through business.”
However, the Labour Party said the government must urgently rewrite its spending plans to rescue the economy.
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“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,” Labour business spokesman Chuka Umunna said in a statement.