It has been revealed that the economy has seen the slowest quarterly growth for two years. It halved to 0.3% in the three months to the end of March compared to 0.6% the previous year, according to the Office for National Statistics.
In a statement the Chancellor, George Osborne said: "It's good news that the economy has continued to grow, but we have reached a critical moment. Today is a reminder that you can't take the recovery for granted and the future of our economy is on the ballot paper at this election."
Labour’s shadow chancellor Ed Balls added: "While the Tories have spent months patting themselves on the back these figures show they have not fixed the economy for working families."
BBC economics editor, Robert Peston revealed that one possible explanation for the slow growth is that the UK’s services and goods in important export markets could possibly be poorer than official figures show, especially in China and the US. On the plus side, the output of distribution, hotels and restaurants has risen by 1.2% in the quarter.
