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PBR: GDP contraction 5.9%, say Tories

The total UK GDP contraction will be 5.9 per cent over the next year, according to the Conservative party.

In response to Chancellor Alistair Darling’s pre-Budget report earlier, shadow Chancellor George Osborne  argued that Darling twisted GDP figures – while listing world economies’ total GDP contractions, he only announced the annual contraction of the UK GDP of 4.75 per cent.

Osborne says: “Every time this Chancellor comes into this house, his forecasts have been wrong.”

Osborne says the GDP contraction of 5.9 per cent is 4 times that predicted in the last pre-Budget report.


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