Labour shadow chancellor Ed Balls says George Osborne has revealed the "true scale of this [Tory-led] government's economic failure".
In his Autumn Statement on December 5, British Chancellor George Osborne confirmed that he would miss his target to reduce the UK’s debt by 2015-16.
The shadow chancellor accused Osborne of presiding over the UK’s longest double-dip recession since the Second World War and the slowest economic recovery in 100 years.
Official forecasts by the Office for Budget Responsibility predicted the UK economy would shrink by 0.1 percent this year and 2013 would see the economy grow by 1.2 percent.
"What we learned today is growth has been downgraded this year, next year, the year after, the year after and the year after that too," Balls said.
"The longest double-dip recession since the second world war now followed by the slowest recovery in the last 100 years."
The shadow chancellor reminded Osborne that he had promised to balance the structural current deficit and to place the British government’s "fiscal credibility beyond doubt" in the emergency budget in June 2010 by pledging to ensure debt would drop by in 2015-16.
Stressing that none of Osborne’s targets would be achieved, Balls added, "The chancellor's fiscal strategy has been completely derailed. The defining purpose of the government, the cornerstone of the coalition, the one test they set themselves - to balance the books and get the debt falling by 2015 - is now in tatters.”