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UK escapes a triple-dip recession in the first quarter of 2013

Duo UK's Finance Director Paul Teasdale featured on BBC 5Live's Victoria Derbyshire's show this morning to discuss George Osbournes announcement that the UK has escaped a triple-dip recession in the first quarter of 2013. 

The Office for National Statistics said its first estimate for gross domestic product (GDP) showed the economy grew 0.3% during the first quarter of 2013. The growth in GDP means the economy avoided two consecutive quarters of contraction - the definition of a recession. There had been fears the UK would enter its third recession in five years, a so-called triple-dip recession.

According to the detail of the ONS's figures, the upturn in GDP was driven by growth of 0.6% in the key services sector, which includes retail and transport and makes up more than three quarters of the economy.

Chancellor George Osborne's reaction, "an encouraging sign the economy is healing. Despite a tough economic backdrop, we are making progress. The deficit is down by a third, businesses have created over a million and a quarter new jobs, and interest rates are at record lows. We all know there are no easy answers to problems built up over many years, and I can't promise the road ahead will always be smooth, but by continuing to confront our problems head on, Britain is recovering and we are building an economy fit for the future."

When asked his opinion on the growth between Jan and March, Paul Teasdale said, "the news is positive, however, I would like to see the Government invest in infrastructure such as the constriction industry which would give the UK a great boost." Paul stressed that "we've got to have a growth story. At the moment it is difficulty to see where that is coming from, it is not just going to come from government policy. Businesses have a duty to get out there and do what they can to move forward."

Over the past 25 years, Duo has been a company that "gets on with it" regardless of the Government of the day. Although Government help is welcome it has not been a prerequisite of Duo's success to date. UK businesses working together and buying from each other will help increase demand for UK manufactured products which will in turn boost the economy and job opportunities.

Paul Teasdale was joined on the show by Kevin Ellis from Ellis&Hughes Design and Build Construction Company in Leicester and Steve Bowles from Roy Bowles Transport in Slough.

Missed the show? Listen again to BBC Radio5Live Victoria Derbyshire Show  online 

Published: 25/04/2013

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