Economy grinds to a halt

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Official data showed the UK economy stagnated in the second quarter of 2008 - worse than the modest 0.2% growth first estimated, and heightening recession fears.

The gloomy landmark ends a run of 63 consecutive quarters of growth and shatters the Government's boasts of continuous economic advance since taking power in 1997.

It also puts further pressure on the Government to deliver with an economic rescue plan following the summer recess.

Shadow chancellor George Osborne said Gordon Brown's "bubble had burst".

"Millions of people are paying an unfair price for Labour's economic incompetence and the fact the Prime Minister didn't put money aside during the good times to prepare for a rainy day," he said.

Liberal Democrat treasury spokesman Vince Cable added: "We're now seeing the full extent of the self-delusion which led ministers to believe that everything was well with the British economy."

A Treasury spokesman blamed the figures on global factors such as surging oil prices and the credit crisis.

He said: "The UK, like other economies, is seeing the consequences of globally high commodity prices, as well as the uncertainty in the credit markets.

"The Government's priority is to guide Britain through these challenging times, while also supporting those hit hardest as a result of these global factors."