Economy is only just staggering back into growth - Cable

Responding to the news that the UK has come out of recession, after figures showed the economy had grown by 0.1% in the last three months of 2009, Liberal Democrat Shadow Chancellor, Vince Cable said:

"The markets will be surprised that growth has been markedly slower than expected.

"Far from the quick recovery the Chancellor has been praying for, the economy is only just staggering back into growth.

"The British economy has had the economic equivalent of a heart attack and is still very weak. With both the construction and banking sectors in trouble, we are not out of the woods yet.

"The economy remains dependent on artificial money creation and a Government running a massive deficit, but with growth of just 0.1%, Tory proposals to immediately slash government spending would be disastrous.

"Our economy is too reliant on consumer spending and debt and a failing financial services industry.

"A lasting and sustainable recovery can only be achieved if we correct these fundamental imbalances."