Balls: 'We need a plan B now'

Shadow Chancellor Ed Balls said: “These shocking figures speak for themselves. As we warned two years ago, David Cameron and George Osborne’s ill-judged plan has turned Britain’s recovery into a flatlining economy and now a deep and deepening recession.

“And with Britain just one of two G20 countries in a double-dip recession and borrowing now going up as a result, it is clear that this Government’s plan has failed. If these figures don’t make the Chancellor wake up and change course, then I don’t know what will.

“Thank goodness the Olympics will give our economy a much-needed shot in the arm. But this short-term boost is not enough – we need a plan B now to get the economy moving again and radical reforms to set Britain on a new course for jobs, growth and long-term prosperity.

"The longer the Chancellor refuses to act, the heavier the price our country will pay.”