Commenting on today’s figures confirming that over 2nd quarter 2008 Scottish GDP rose by just 0.1% and UK GDP not at all, Grahame Smith, Scottish Trades Union Congress (STUC) General Secretary said:
“These figures which, predate the banking crisis, confirm that recession is imminent.
“It is crucial that action is taken now to ensure the recession does not become deep and prolonged and also to prepare to deal with its consequences in terms of rising unemployment.
“The first step must be a further cut in interest rates of at least 1% at the Monetary Policy Committee’s next meeting. If the MPC fails to act, the Government must urgently reconsider whether its remit is fit for purpose in these challenging economic times.
ENDS
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