Today’s GDP figures

These GDP figures are historic figures on the state of the economy 3 to 6 months ago, and once again underline the scale of the global recession, the hit to business confidence and the absolute necessity of urgent government action to deliver real help now to businesses and families.

They don’t change the judgement made by the Chancellor in the Budget that growth will return at the end of the year.

Our plans to halve the deficit within 5 years remain on track because of the cautious assumptions about share prices, unemployment and the loss of output from the shock to the economy built into the Budget and today’s figures don’t change our view on the public finances.