Figures out today from the Office for National Statistics confirm previous estimates that the UK economy shrunk at the end of 2012. Despite all the coalition’s attempts the figures show economic activity is still showing no signs of growth.
Commenting on the release of the figures, Stewart Hosie MP, SNP Treasury spokesman said:
“The confirmation that the UK economy contracted by 0.3% in the last three months of last year makes for grim reading, but doesn’t surprise any of us. We know with every day that passes that George Osborne and Danny Alexander’s plans are completely backfiring. The UK’s stagnant performance also shows a fall in industrial output of 2.1% in the last quarter of last year.
“If the first three months of this year show further contraction, then we will be in the territory of a triple-dip recesssion. The Chancellor’s remaining credibility has gone with the loss of triple A credit rating, a timid and unimaginative budget – that in true Osborne style is unravelling – and a failed economic policy that has produced nothing but austerity and misery.
“The Scottish Government is using the levers available to it to produce better outcomes – with lower unemployment including youth unemployment than the rest of the UK – and a focus on capital investment. The economic failure of the Westminster system shows why all the economic levers should be in the hands of Scotland with independence – not George Osborne and Westminster.”