Sajid Javid was speaking after the Office for National Statistics said the economy had contracted for the first time since 2012.

The surprise decline came after Brexit stockpiles were unwound and the car industry implemented shutdowns.

The pound slid after the data was released, raising fears of a recession.

It hit a 31-month low against the dollar at $1.2056. Against the euro, it fell to a new two-year low of €1.0768.

Rob Kent-Smith, head of GDP at the ONS, said manufacturing output fell and the construction sector weakened.

A recession occurs when the economy contracts in two consecutive quarters. This is the first contraction since the fourth quarter of 2012.

Economists had not been forecasting a contraction in the economy in the second quarter, but had expected it to stagnate, with the consensus forecast for 0% growth.