'UK must redirect money to create jobs' [Simon Dixon © PressTV]

Britain's Chancellor George Osborne has insisted that the government was moving on the right economic path, despite reports of the worst double-dip recession in over 50 years.

The Chancellor's defense of his record came irrespective of disappointing official figures released on Wednesday that showed Britain is enduring the longest double-dip recession for more than 50 years, the Guardian reported.

George Osborne came under increasing pressure to lay out a plan B for the economy after shock figures from the Office of National Statistics (ONS) revealed the economy shrank by a worse-than-expected 0.7 percent between April and June.

Rachel Reeves, the shadow chief secretary to the Treasury, tweeted that the deepening double-dip recession was a "disastrous verdict on George Osborne's failed plan".

But Osborne blamed "deep-rooted economic problems" for the figures and defended his policies to get the economy back on track.

Press TV has conducted an interview with Simon Dixon, author of "Bank to the Future", to further discuss the issue.