Commenting after National Statistics preliminary estimate for the third quarter 2008 showed a decrease of 0.5% on quarter 2, Grahame Smith, Scottish Trades Union Congress (STUC) General Secretary said:
“Today’s figures suggest that the decline in output is considerably more rapid than anticipated. Economic insecurity, already at high levels, will be rising exponentially amongst Scottish workers.
“With recession now a certainty, action is required to ensure that it doesn’t become deep and prolonged. The crucial first step should be a cut in interest rates of at least a full percentage point at the MPC’s next meeting in November”.
ENDS
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