SOUTH Cheshire MP Stephen O’Brien has slammed the Government for leading Britain to the 'brink of bankruptcy'. His comments follow new figures showing that Britain is officially suffering its longest ever recession, with the economy shrinking by a further 0.4% in the third quarter of this year.

Eddisbury MP Mr O’Brien said: "It is unforgivable that Gordon Brown and this Labour Government have completely squandered the golden economic legacy that was left to them in 1997.

“Instead Gordon Brown’s mismanagement of the economy and public finances has led us to the verge of national bankruptcy, as well as the longest and deepest recession in Britain’s history.

“New figures out on Friday show that the British economy is stuck in its longest ever recession shrinking by a massive 0.4% in the third quarter of 2009. "The pound is also getting hammered because the UK is likely to be the only major economy to have contracted in the Q3.

"In contrast the German and French economies have already emerged from recession and these latest figures expose the lie peddled by Gordon Brown that 'Britain is best placed among the major economies to weather the recession'. “Gordon Brown claimed that he had ended 'boom and bust' but the only thing he has ended is ‘boom’. "The last man to make such a ludicrous boast was the president of the New York Stock Exchange in September 1929 shortly before the Wall Street crash and Great Depression. "Lessons on excessive public and personal debt have never been learnt by Labour chancellors and Brown is no different.

“It is the first time since records began that gross domestic product has contracted for six consecutive quarters. "The economy has now shrunk by an incredible 5.9% since Labour’s recession began.

“Disturbingly, the figures also revealed that no component of the economy grew in the third quarter, with total production falling 0.7% and the services sector dipping 0.2%. "Unfortunately there is nothing positive to draw from this report.

“Every month and every quarter that economic growth in the UK contracts adds billions to the growing mountain of debt which this bankrupt Government has to pay interest on. “Only a new team at the top will give us the prospect of a recovery for all.”