Lord Oakeshott
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George Osborne is 'chancellor on work experience'

25 July 2012 Last updated at 22:54 BST

Figures released by the Office for National Statistics indicate that Britain is suffering its deepest double-dip recession since records began more than 50 years ago.

Gross domestic product shrank by 0.7% between April and June.

Liberal Democrat peer, Lord Oakeshott, who is a close ally of Vince Cable, said it was time the Chancellor, George Osborne moved on from the Treasury.