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.