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| Version 0 | Version 1 |
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| Darling 'was wrong' on recession | Darling 'was wrong' on recession |
| (20 minutes later) | |
| Chancellor Alistair Darling has admitted the Treasury got it wrong over the length and depth of the recession. | Chancellor Alistair Darling has admitted the Treasury got it wrong over the length and depth of the recession. |
| In an interview with the Sunday Times he said the economy would not begin to grow again until the end of the year - later than he previously predicted. | |
| He told the paper he did not want to build up "false hope", although he did believe last week's G20 summit would speed recovery, he said. | He told the paper he did not want to build up "false hope", although he did believe last week's G20 summit would speed recovery, he said. |
| Later this month Mr Darling will issue his forecasts in the Budget. | Later this month Mr Darling will issue his forecasts in the Budget. |
| "It's worse than we thought," the paper quotes him as saying. | "It's worse than we thought," the paper quotes him as saying. |
| BBC political correspondent Iain Watson said Mr Darling had a "vested interest" in sounding a note of pessimism ahead of delivering his forecasts in the Budget on 22 April. | BBC political correspondent Iain Watson said Mr Darling had a "vested interest" in sounding a note of pessimism ahead of delivering his forecasts in the Budget on 22 April. |
| "They are likely to be more grim than predicted in the pre-Budget report last autumn, with public borrowing expected to rise still further," said our correspondent. | "They are likely to be more grim than predicted in the pre-Budget report last autumn, with public borrowing expected to rise still further," said our correspondent. |
| Shrinking economy | Shrinking economy |
| The UK economy's decline over the past six months had been steeper than the Treasury expected, said the chancellor. | The UK economy's decline over the past six months had been steeper than the Treasury expected, said the chancellor. |
| While he had previously thought the UK would see growth in the second part of the year he said: "I think it will be the back end, turn of the year time, before we start seeing growth here." | While he had previously thought the UK would see growth in the second part of the year he said: "I think it will be the back end, turn of the year time, before we start seeing growth here." |
| Asked in the Sunday Times if the worse was over for the British economy he said: "I think there is some way to go yet. A lot really depends on actually how much other countries do." | Asked in the Sunday Times if the worse was over for the British economy he said: "I think there is some way to go yet. A lot really depends on actually how much other countries do." |
| The UK economy shrank even more than expected in the last three months of 2008. | The UK economy shrank even more than expected in the last three months of 2008. |
| The Office for National Statistics (ONS) said the economy shrank by 1.6% compared to the third quarter. | The Office for National Statistics (ONS) said the economy shrank by 1.6% compared to the third quarter. |
| That was the biggest fall in GDP (gross domestic product) since 1980 and more than an earlier 1.5% estimate. | That was the biggest fall in GDP (gross domestic product) since 1980 and more than an earlier 1.5% estimate. |
| Last week Mr Darling has hit back at claims the rescue deal for the world economy agreed by G20 leaders would have little impact at home. | Last week Mr Darling has hit back at claims the rescue deal for the world economy agreed by G20 leaders would have little impact at home. |
| He insisted it would protect British jobs and "shorten what would otherwise be a long and painful recession". | He insisted it would protect British jobs and "shorten what would otherwise be a long and painful recession". |
| Unemployment rose above the two million mark last month - its highest level since 1997 - and some experts believe it will have scaled three million by the end of the year. | Unemployment rose above the two million mark last month - its highest level since 1997 - and some experts believe it will have scaled three million by the end of the year. |