Osborne vows he won’t run from triple dip recession

British finance minister George Osborne vowed not to “run away” from Britain’s economic woes last night amid fresh signs Britain is heading for an unprecedented triple dip recession.

The first official estimate from the Office for National Statistics (ONS) revealed the economy shrank by 0.3% between October and December, slamming the recovery into reverse after the 0.9% growth seen in the previous quarter.

Figures also showed the economy flatlined in 2012 as a whole and experts predict it will not regain its peak level for another two years.