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Gordonomics in action, or should that be inaction.

Dive, dive dive as UK economy shrank at fastest rate in 50 years.

The Office for National Statistics (ONS) said the economy actually shrank by 2.4pc in the first quarter compared with the final three months of 2008, much more sharply than its first estimate of 1.9pc.

ONS records show that the last time the British economy contracted by more than 2.4pc was in the second quarter of 1958 when gross domestic product fell by 2.6pc and Harold Macmillan was in Downing Street.

According to Gordon & his sockpuppet Darling we are supposed to be recovering by July, one day to go and all will be well. Then full production of tractorstats will be met...

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