London, Dec 1 (Inditop.com) Britain is the only G20 nation still in recession, official figures showed after Canada resumed growth in the three months from July to September, going up 0.1 percent.
The British economy shrank by 0.3 percent between July and September, the Office of National Statistics said, making it the only country in the Group of 20 economic powerhouses to remain in recession.
It is the longest British recession since records began in 1955, with the economy having contracted for six consecutive quarters, prompting opposition parties to criticise the economic recovery policies of the Labour government led by Prime Minister Gordon Brown.
“Gordon Brown used to boast about leading the G20 but it is now official that Britain is the only G20 country still in recession. Labour’s disastrous economic policies meant Britain was one of the first into recession and now we are the last out,” said Shadow Chancellor George Osborne of the opposition Conservative party.
Blaming the government’s “overreliance” on the financial sector, Liberal Democrat spokesman Vince Cable said: “This is yet further evidence that the UK stands alone in how hard we have been hit by the financial crisis.”
The government expects the economy to return to growth “at the turn of the year”.
