Commenting on the announcement today (Thursday) of a further 1% cut in interest rates by the Bank of England’s Monetary Policy Committee, SNP Treasury Spokesman Stewart Hosie MP said:
“As we head into a recession, any action to keep it as short and shallow as possible is welcome.
“However, this cut comes one month after a 1.5% cut and just one day after the Prime Minister’s 11th hour mortgage plan announcement.
“In serious times, Scotland needs a Government who will offer a considered approach. While the Scottish Government has laid out a 6-point economic recovery plan, London Labour appear to lurch from one on-the-hoof policy to another.
“If the UK Government was really committed to supporting the Scottish economy, they would scrap their planned £1 billion cut to Scotland’s budget in 2010 and 2011 which pose a major threat to jobs and services in Scotland.”