by Lamiat Sabin

THE final set of economic statistics before the general election suggested yesterday that Tory austerity measures have failed as GDP slumped to half that of the previous quarter.

Britain’s economy experienced a sharp stall in the first three months of the year, with just 0.3 per cent growth — supported by inflation and lower oil prices — according to a preliminary estimate from the Office for National Statistics (ONS).

It was the weakest quarterly rise since the end of 2012 and worse than the 0.5 per cent that City analysts had been expecting.

The growth figure compares badly with the 0.6 per cent rise that was recorded in the final quarter of last year.

With only a little more than a week to go until polling day, the news could spell disaster for the Conservatives, who have proclaimed their success in managing Britain’s finances through austerity.

The fact that the country is dangerously close to the brink of another recession and is at the mercy of yet more rounds of spending cuts has set alarm bells ringing.

Plaid Cymru leader Leanne Wood said: “The latest GDP figures reflect the fact that the economy has been choked by the austerity experiment.”

The statistics showed the construction sector shrinking by 1.6 per cent for the second quarter in a row — the first time this has happened in three years.

Poor performance in industrial production, business services and finance also contributed to the poor growth figures.

TUC general secretary Frances O’Grady said: “The slowest recovery in modern history just slowed down again. This is bad news for jobs and living standards.

“We were never going to get a stable recovery with the shaky foundation of wage stagnation, low investment and insecure jobs.

“We need a new plan for growth based on investment in infrastructure and good jobs with decent pay.”

But despite doom being forecast, David Cameron put on a brave face and diverted criticism to other parties.

However, the Prime Minister’s legacy of zero-hours contracts, public-sector cuts, welfare spending slashes and pay freezes are believed likely to trigger severe repercussions in the long-run.

Shadow chancellor Ed Balls said: “While the Tories have spent months patting themselves on the back, these figures show they have not
fixed the economy for working families.”