Osborne: 'I am determined to confront problems'

Chancellor George Osborne has said he is "determined to confront problems" following news that the UK economy shrank at the end of 2012.

The UK economy shrank by 0.3% in the last three months of 2012, further fuelling fears that the economy could re-enter recession.

Mr Osborne said the figures were a "reminder" that Britain "faces a very difficult economic situation".