Tories: Economic contraction a consequence of Budget

ODN

Shadow Chief Secretary to the Treasury Richard Fuller says that the economy is now in "shrinking territory", after the latest ONS figures showed it contracted by 0.1% in the three months to October, adding that it is a "consequence of the decisions that the Chancellor made" in her Autumn Budget. Report by Keechl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

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00:00This is the third consecutive month where growth, which is already pretty poor, has gone down and down.

00:05And now we're in shrinking territory.

00:07But this is the consequence of the decisions the Chancellor made, whacking up taxes last year by 40 billion, 26 billion this year.

00:15And so enormous confusion for months over the summer and the autumn where business says, well, we don't know what's going to happen.

00:21So we're not going to invest. We're not going to hire people.

00:24And so growth has stalled and now gone into reverse.

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