Commenting after this morning’s media reported that the Prime Minister will ‘explain how he intends to deal with the economic slowdown’ to CBI Scotland’s Annual Dinner this evening, Stephen Boyd, Assistant Secretary, STUC said:
“It is of course right and proper that the Prime Minister should use this occasion to explain how his Government intends to address current economic challenges.
“However, the Prime Minister would do well to offer a gentle reminder that the problems facing CBI members are largely self-inflicted. That the prevailing economic model is unravelling is primarily due to the fallout from reckless and irresponsible lending in the financial sector.
“If the Government is culpable, it is because it created and maintained a ‘light touch’ regulatory framework that facilitated this reckless behaviour. Of course, the Prime Minister was encouraged all the way in this endeavour by the CBI.
“Perhaps the Prime Minister and CBI Scotland should use this evening as an opportunity to reflect on the pivotal role that appropriate and effective regulation plays in underpinning sustainable economic growth”.