THE British economy continues to stagnate, with a series of negative consequences for prosperity including pay, poverty and public services.

This stagnation is long-term and so too is the decline in living standards. Cleary, a radical reorientation in economic policy is needed to reverse these trends.

There should be no room for complacency in Downing Street or elsewhere that the economy avoided the technical definition of recession — which is two consecutive quarters of economic contraction.