Vince Cable: Economy in bad shape

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Vince Cable has spoken of how bad the British economy has been hit after the global financial crisis.

According to the Business Secretary, the crisis and the recession has meant the country is poorer and it has been a “challenge” for the Government to explain what a bad state the economy is in.

Speaking to the Guardian, Mr Cable also warned British households face further pressure as living costs rise and the economy faces a “painful” period from higher inflation and Government spending cuts.

“We have had a very, very profound crisis which is going to take a long time to dig out of,” he warned.

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