July 25, 2012 / 8:50 AM / 5 years ago

Osborne: One-off factors not excuse for weak GDP

LONDON (Reuters) - Chancellor George Osborne said an unexpectedly large fall in economic output in the second quarter of 2012 reported on Wednesday could not be excused by one-off factors like an extra public holiday to mark Queen Elizabeth’s 60th year as monarch.

“Of course there are one-off factors like the bank holiday but that’s not an excuse that I am using,” he told BBC television.

”Frankly, even without that, these would be disappointing numbers, and they just remind us Britain has some deep-rooted economic problems that are going to take time to solve.

“We’ve also got the debt crisis abroad and all these things of course make it a big challenge for our country,” he added.

Reporting by Tim Castle; editing by Stephen Addison

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