Cable warns recovery is a marathon, not a sprint as Britain misses triple-dip recession by a whisker Overall figures better than expected easing pressure on George OsborneEconomy overall grew by 0.3% but construction slumps by 2.5% Deputy PM Nick Clegg warns: 'We're not out of the woods yet'Labour blames coalition for slowest recovery for 100 years Government borrowing remains stubbornly high at 120billionTory MPs accuse coalition of being 'timid' and 'complacent' about growth IMF urged Britain to rethink pace of cuts in face of sluggish recovery . The service industries including hotels and transport accounted for most of the growth in the economy, while construction suffered a 2.5 per cent slump Business Secretary Vince Cable said the 'road to recovery would be a marathon, not a sprint' while Deputy Prime Minister Nick Clegg insisted the economy was not out of the woods yet A recession is defined as two consecutive quarters of decline and Britain has suffered two since the financial crisis struck – the first in 2008-09 and the second in 2011-12.
'Every penny matters': Osborne borrows Morrisons slogan in 'man of the people' speech to supermarket staff defending cuts to benefits Osborne says his reforms are backing 'people who want to get on in life'He said 'vested interests always complain' about welfare shake ups 14million households will be better off, the Chancellor announcesDefends cutting the 50p top rate of tax for highest earners ” class=”lightboxPopupLink” onclick=”return false”> Enlarge George Osborne's hopes of avoiding an unprecedented triple dip recession are on a knife-edge.
Honours list is biased against us, Paralympic stars argue after they got lesser awards than Olympians Paralympian Lee Pearson OBE not knighted despite winning more golds than Sir Bradley Wiggins and Sir Ben Ainslie put togetherDavid Weir: 'Sarah Storey should have been awarded knighthood years ago' | UPDATED: 07:48 GMT, 31 December 2012 Paralympians and politicians have accused the honours system of favouring able-bodied athletes over their disabled teammates. Equestrian star Lee Pearson has led criticism, saying he was ‘disappointed’ not to be getting a knighthood after winning his tenth Paralympic gold medal this summer.
President Obama named as TIME magazine's 'Person of the Year' for the second time in four years TIME: 'Obama is the beneficiary and author of a new America' | UPDATED: 17:42 GMT, 19 December 2012 Iconic: President Barack Obama has been named as Time Magazine's Person of the Year for 2012 President Barack Obama has been named TIME's Person of the Year for 2012, allowing him the honour for the second time in four years. The magazine cited the president's historic re-election last month as symbolic of the nation's changing demographics amid the backdrop of high unemployment and other challenges. 'He's basically the beneficiary and the author of a kind of new America – a new demographic, a new cultural America that he is now the symbol of,' TIME editor Rick Stengel said as he announced the choice on the Today show on Wednesday.