Recession exit was higher than first reported

Date: 26th February 2010

UK GDP increased by 0.3 per cent in the final three months of 2009, not 0.1 per cent as was first reported, according to new data.

A new report from the Office for National Statistics (ONS) said the revised figure had increased as a result of "upward revisions to services and production".

However, despite the news showing that the UK's exit from recession was stronger than first anticipated, the Liberal Democrat party has insisted that the economy is still weak.

Vince Cable, the party's treasury spokesman, said: "This news underlines again the folly of rushing into rapid cuts which could push the economy back into recession and inflict further structural damage on the UK, making it harder to sustain our credit rating and creating an even larger budget deficit.

"Decisions about the speed and timing of tackling the deficit should be based on the state of the economy, not political dogma."