Revised figure from the Office of National Statistics, released this morning, reported a 0.3% decline in GDP, a slight increase on the 0.4% provisional figure announced last month, but still 5.1% lower than it was a year earlier.

The figures confirm that the UK is in the longest recession since the 1930s. Records recording quarterly GDP growth began in 1955.

Chancellor Alistair Darling has insisted that the economy will start to grow again and has predicted that the recession will be over at "the turn of the year". He is set to deliver his pre-Budget report at the beginning of next month (9 December).

The government has pumped £200bn into the economy through the process of quantitative easing, however it has come under criticism for its handling of the financial crisis, with countries in the Eurozone and the US showing faster signs of growth than that of the UK.

Political leaders are currently debating how long fiscal stimulus should remain in place with the Conservatives apparently favouring a focus on addressing the government deficit and Labour propagating a prolonged period of government support.