Upward Growth Revision: No More Than A Break In Economic Storm Clouds

12.00.00am GMT Thu 27th Mar 2003

Commenting on this morning's GDP data, Public Sector finances and Balance of Payments figures Matthew Taylor MP, Liberal Democrat Shadow Chancellor, said:

"Today's slight upward revision of growth for 2002 is no more than a break in the economic storm clouds facing Britain."

"The longest manufacturing recession since records began and record falls in investment are not just bad, they are worse than our competitors."

"When Britain faces such economic turbulence, the public and business look to the Chancellor to steady the ship. This may turn out to be the most important budget in Gordon Brown's career."

Notes to editors

1. This morning's GDP data shows 'an unprecedented seventh decline in the last eight quarters' for manufacturing, and that for '2002 as a whole, business investment fell by a record 8%.'

2. This morning's Balance of Payments data shows a 'record annual deficit on trade in goods'.

3. This morning's Public Sector finances data shows public sector net investment in October - December 2002 lower than in the same period of 2001.