Nick Clegg
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Nick Clegg: 'Time to shift up a gear on economy'

24 May 2012 Last updated at 18:22 BST

The UK economy shrank by 0.3% in the first three months of the year - more than previously thought, revised figures have shown.

Last month's initial estimate from the Office for National Statistics (ONS) showed a contraction of 0.2%.

The downward revision was due to a bigger contraction in construction output than previously estimated.

Speaking to Newsnight, Deputy Prime Minister Nick Clegg said it was time to "shift up a gear".