Commenting on today’s ONS figures which reveal that the UK economy contracted 0.8% during the second quarter of 2009, Stephen Boyd, Scottish Trades Union Congress (STUC) Assistant Secretary said:
“There is no hiding the fact that these are very worrying figures. With firms beginning to restock, the unprecedented monetary and fiscal response and the depreciation of sterling some were forecasting that the UK might even have returned to growth during this period.
“The economy’s poor performance must be partly attributable to the fact that lending to businesses remains unchanged on a year ago. The Government must start exerting control to match the size of its investment in failing banks and address this situation with genuine vigour.
“Unemployment is rising rapidly and the economic outlook profoundly uncertain. Surely the dangers inherent in cutting public spending at this time must be clear to all?”
For further information contact
Stephen Boyd 0141 337 8100