Wednesday, 5 October 2011

GDP figures show double-dip recession is now a real danger, says Midlands TUC

Rob Johnston, Midlands TUC Regional Secretary

Responding to the final revision of GDP growth figures for the second quarter of 2011, published today (Wednesday) by the Office for National Statistics, Midlands TUC Regional Secretary Rob Johnston said:
“The economic news just keeps on getting worse. Today’s revision of the GDP growth figures show the economy is doing even more badly than expected. There is now a real danger of the UK going back into recession, and the best that current policies can deliver will be years of stagnation.
“The Midlands economy was the hardest hit region during the initial downturn and now we stand on the precipice of another recession.”
“As the manufacturing centre of the country, the Midlands really should be the engine for growth. We all know that we need to boost exports and manufacturing yet the Government’s policies are undermining confidence, investment and growth.”
“Manufacturers across the Midlands are crying out for the Government to get active rather than pontificate from the sidelines. The window of opportunity to avoid another recession in the Midlands is closing fast.”
“We need action to kick start the economy, rather than speeches telling us to look on the bright side. The fall in household spending is almost as steep as at the height of the crash as wages are squeezed, prices rise and families cut back.
“Of course people should be sensible about paying back unsustainable debt, but the truth is that the government is relying on people borrowing more as OBR forecasts reveal. George Osborne must be hoping that people ignore the Prime Minister’s advice to pay back their credit cards today.”

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