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Britain ‘not facing a triple dip recession’

The Chief Secretary to the Treasury, Danny Alexander, has argued that the UK is likely to avoid a triple dip recession, despite the recent downgrading of the UK’s economic growth forecasts.

In the 2012 Autumn Statement, the Office for Budget Responsibility (OBR) revised its forecasts for the final quarter of 2012, predicting that the economy will instead shrink by 0.1%.

However, while acknowledging that the road to economic recovery was proving ‘longer and harder’ than originally anticipated, Mr Alexander said that the positive growth forecast for 2013 and beyond suggested that the UK would avoid returning to recession.

‘We’re seeing continuing problems in the eurozone, but I’m happy to rest on the OBR’s forecast, which is a bounce-back from the Olympic boost we saw in the third quarter causing a small negative in the final quarter of this year, but then steady growth slowly starting to return next year and the year after that’, he commented.