Commenting on the revised GDP figures published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said: 

“The fall in GDP in the last quarter of 2008 was bigger than initially estimated because of the drop in consumer spending. 

“While next month’s Budget must provide a credible medium-term plan for reducing the government deficit, it would be wrong not to persevere with targeted measures aimed at supporting the economy and wealth creating businesses. 

 

“A further increase in the deficit in the near-term is unavoidable but this must be matched by fiscal responsibility in future years.”