Autumn Statement 2013: 'Great recession' sent GDP tumbling 7.2%

The Chancellor George Osborne said the "great recession" seen after the global financial crisis in 2008 had an even more detrimental impact on the UK economy than previously forecast.

The Chancellor said in total, rather than the 6.3% decline seen across the economy following the fallout from the financial crisis, GDP had actually declined by 7.2%. However, he reaffirmed there was no 'double-dip' recesision. "The fall in GDP from peak to trough between 2008 and 2009 was not 6.3%, as previously thought - but instead was an even more staggering 7.2%," said Osborne.