We have been plunged back into recession - the double dip recession that experts had warned against.
These warnings weren’t heeded by the Tory led government.
It is families, pensioners and businesses across Wearside who are paying the price for Chancellor George Osborne’s arrogance. This recession was entirely avoidable.
The financial crash of 2008 brought economic turmoil across the world, including here in Britain.
But the then Labour government took action and Britain was emerging from recession with strong growth.
The Tories threw all that away with cuts that were too deep and too fast.
Osborne says he wants to bring down the deficit, but it’s not happening.
As the dole queues grow, the government is paying more out in benefits and fewer people are paying taxes.
That’s why the deficit is increasing and the government’s plans have backfired so badly.
The longer the government insists on sticking with this failed plan, the more serious the damage will be.
Perhaps the only message they will listen to is at the ballot box – and they certainly received a clear message in last Thursday’s local elections.