STUC on George Osborne’s speech in Glasgow

October 22nd 2009

Commenting on George Osborne’s speech to the Glasgow Chambers of Commerce, Stephen Boyd, Scottish Trades Union Congress (STUC) Assistant Secretary said:

“It is rich of Mr Osborne to talk up Scotland’s economic prospects under a Tory Government when his gung-ho approach to cutting public spending is very likely to tip the economy back into full scale recession and consign many thousands of Scottish workers to a lengthy period of unemployment.

“His views on the regulatory failures which contributed to the banking crisis are highly selective to say the least. Does Mr Osborne genuinely believe that the weak, atomised regulatory system over which the previous Tory Government presided actually worked? Can he point to a track record in querying the size and power of the financial sector relative to the wider economy? Or questioning the sustainability of the rapid growth in credit derivatives and the shadow banking sector?

“Mr Osborne and his party do however have a consistent track record in flippantly dismissing any moves towards tighter regulation as ‘burdens on business’ or ‘red-tape’.

“Fortunately, his adherence to fundamentalist market orthodoxy including tax cuts for the wealthiest in society is unlikely to prove attractive to voters in Glasgow North-East or for that matter the rest of Scotland”.

ENDS

For further information contact

Stephen Boyd 0141 337 8100

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