Tag Archive for recession

Official Figures Confirm Economic Gloom

March 27, 2013 Stewart Hosie MP No comments

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.”

MP’s ‘Cautious Welcome’ For Business Confidence Report

November 15, 2012 Stewart Hosie MP No comments

Although the economy continues to show little signs of emerging from its long-term recession, a Dundee MP has given a cautious welcome to a new report which shows that there was a record-breaking number of company formations during the first half of the year in the city.

 

Statistics in the latest Duport Business Confidence Report show that 371 new companies registered in the city between January and June, more than any other half year on record for the city.

 

Commenting, Dundee East MP Stewart Hosie said: “I can give this report a cautious welcome with company start-ups suggesting a rise in confidence.

“Along with the rest of the UK, Dundee has suffered during the recession and we have had bad news about companies rationalising their workforces or closing down.

“However, the city does have a solid economic base and is home to major employers, including Tesco, Michelin, BT, DC Thomson and Royal Bank of Scotland, who have helped keep the local economy reasonably stable.

 

“Our bio-medical and digital media and video games sectors continue to perform well and employ thousands in the city. Our two world-leading universities and Dundee College continue to attract high-quality research funding and students from far afield to study here.

 

“With a number of major investors behind transformational projects in the city, not least, the V&A museum and the new Malmaison, Dundee is fighting back despite the tough economic conditions with a record-breaking number of new company formations.

 

“I also note from the report that Dundee has been ranked 4th in the Retail Rankings for Scotland. This is another piece of good news for the city.

 

“We have a diversified business base, a skilled workforce and a strong retail sector and the city is planning ahead to becoming a major renewables sector manufacturing hub.”

 

Labour Should ‘Stop Playing the Blame Game’ say SNP

August 5, 2010 Joe FitzPatrick MSP No comments

Dundee West MSP Joe FitzPatrick today responded to comments by Labour Leader Ian Gray in today’s Courier by accusing Labour of being ‘in complete denial’ over their responsibility on the economy.

SNP MSP and member of the Scottish Parliament’s Finance Committee, Joe FitzPatrick today said: “I was disappointed to read Mr Gray’s call for the SNP Government to be ‘honest’ about forthcoming cuts in the public sector.

“Mr Gray accuses the Scottish Government of ‘mismanaging the economy even before the recession began’. In fact, he is prepared to blame everyone but Labour for the present situation.

“He hopes the public will forget that Labour were in power for the past thirteen years, with the recession beginning to bite during the last two.

“You simply cannot trust a word which Iain Gray says. Alistair Darling, who until only 11 weeks ago was the Chancellor, admitted that any public spending cuts by Labour would be “tougher and deeper” than those implemented by Margaret Thatcher.
 

“Andy Kerr, Mr Gray’s own Finance spokesman in the Scottish Parliament, called for the Scottish Government to implement the cuts more quickly.

“Iain Gray has avoided saying whether he agreed with the Chancellor that Labour’s cuts would be ‘tougher and deeper’ than Margaret Thatcher’s. Nor did he say whether Andy Kerr was right to call for even quicker cuts in Scotland.

 
“Labour now think they can mislead the public that they have no responsibility for any of the cuts!
 
”Iain Gray is playing fantasy politics and his entire strategy is to scaremonger and blame everyone but Labour. 

“Frankly, the public will not be fooled. It’s time for Iain Gray to stop playing the blame game so that we can move on and co-operate on finding a way forward for Scotland.”

Banks ‘Have Duty’ To support Scottish Recovery

August 3, 2010 Stewart Hosie MP No comments

SNP MP and Member of the Treasury Select Committee Stewart Hosie has said that, as they return to profit, the banks which benefitted from public subsidy have a duty to lend to Scottish business and ensure Scotland’s recovery continues.

Mr Hosie’s call comes as the ‘State of the Economy – August 2010’ analysis produced by the Scottish Government found that the recession in Scotland was shorter and sharper that it was in the rest of the UK but weak bank lending was still hitting SMEs hard.  

It is expected that several of the banks which benefited from public subsidies will announce return to profit this week.

Commenting, Mr Hosie said:

“Scotland went into recession a quarter later than the United Kingdom economy, and the rate of decline over the whole period was less north of the Border than it was across the UK.  The Scottish economy is turning a corner but weak bank lending is a real cause for concern.

“While banks are understandably cautious about lending money, this concern must be balanced with the need to support growth in the economy.

“As the banks which have benefited from taxpayers’ money announce their return to profit this week, more than ever they have a duty to make finance available to Scottish businesses.”

SPENDING CUTS WILL ONLY ADD TO ANXIETY OF HOUSEHOLDS AND HIGH STREETS

April 20, 2009 Stewart Hosie MP No comments

DARLING MUST RULE OUT CUTS AND LOOK TO US FOR STIMULUS MODEL

SNP Treasury spokesperson, Stewart Hosie MP, has expressed concern over Treasury trails of the Budget saying that that Chancellor is set to cut public spending by £15bn in the teeth of recession. The SNP have urged the UK Government to deliver a fiscal stimulus similar to the approach taken by the US Government.

There is growing opposition to the cuts with unions and business organisations both warning of their potential harm. Business Secretary Lord Mandelson acknowledged yesterday (Sunday) that there was also mounting public concern.

Mr Hosie said:

“Slashing public spending in the teeth of recession will only add to the anxiety of households and high streets.

“First, the Chancellor told us this would be a short sharp recession, while every independent authority suggests it is going to be long and deep. Now, he tells us efficiency savings are the way to go despite serious warnings from union leaders, business organisations and the governments of Scotland, Wales and Northern Ireland.

“Just weeks ago Gordon Brown was gallivanting around the globe calling for a massive fiscal stimulus, but now Alistair Darling is doing the opposite.

“The £15bn cut exceeds the £12.5bn value of the UK Government’s VAT cut and risks negating any good this cut may have done.

“In the teeth of a recession, this dangerous move will seriously set back economic recovery.

“The Chancellor must look to America where President Obama has introduced an economic stimulus package worth $787bn and more than half of that is being spent at State level.

“The state of Maryland, for example – which has a similar population to Scotland – will receive some £2.6bn extra funding, supporting 66,000 jobs over the next two years. Yet in the UK, Alistair Darling’s Budget is proposing to cut Scottish public spending from 2010 by £500m a year, which would destroy 8,700 jobs in Scotland.

“There is clear blue water the width of the Atlantic between President Obama’s stimulus package, which will support some 3.5 million jobs nationwide, and the budget-cutting response of Labour.”

BUDGET MUST SECURE PUBLIC INVESTMENT

April 19, 2009 Stewart Hosie MP No comments

SCOTLAND HAS WHAT IT TAKES FOR A STRONG RECOVERY

Cuts to Scotland’s public spending in this week’s UK budget would damage Scotland’s recovery.

SNP Treasury Spokesman and MP for Dundee East Stewart Hosie today called on the UK Government to heed the warnings from the STUC not to cut public investment in this weeks budget.

STUC General Secretary Graeme Smith today warned the Labour Government that “cuts in funding for vital public services would be a disaster which Scotland’s communities will feel for many years to come.”

Welcoming the STUC’s intervention Mr Hosie said:

“Scotland has what it takes to recover strongly from this recession with public investment in jobs, training and enterprise, capital projects
across the country and support for frontline services.

“The SNP Government’s announcement off £95 million of investment in
skills, training and enterprise is exactly the kind of public support that
will see Scotland come through this recession in a stronger position.

“I fully agree with the STUC that cutting Scotland’s public spending at
this time could be deeply damaging to Scotland’s communities.

“It is simply nonsensical when what is needed in the economy is continued public investment that the UK Government would seek to limit Scotland’s potential with damaging cuts.

“As the First Ministers of Scotland, Wales and Northern Ireland have made clear – now is the time for investment in jobs and prosperity not public spending cuts that could have a harmful impact on our frontline services.

“Scotland’s communities will not easily forgive any politician or any party that stands in the way of Scotland’s recovery.”

DOWNING STREET DOWNTURN GETTING WORSE

February 20, 2009 Stewart Hosie MP No comments

SNP Treasury spokesperson, Stewart Hosie MP, has expressed concern at the publication of figures revealing that the recession has led to a £7bn fall in the amount of tax paid by individuals and businesses in January.

Mr Hosie said:

”It was difficult to imagine how the Downing Street downturn could plummet further, but the bad news is becoming ever more rapid.

”The Treasury’s tax take is being hammered by the economic crisis, and it seems Gordon Brown’s golden goose of a VAT cut has turned out to be a lame duck.

”Perhaps most worryingly UK Government borrowing is now expected to exceed its own forecasts of £77bn – meaning borrowing now stands at 47.8% of the UK’s economic output.

”It is clear that the recession is going to be far deeper than previously thought, certainly more serious than Treasury forecasts suggested, and Gordon Brown has been left looking complacent as the Downing Street downturn plummets new depths.”

SNP TO PROBE GOVERNMENT BAIL-OUT ACTIONS

February 10, 2009 Stewart Hosie MP No comments

EVIDENCE SUGGESTS PRINTING MONEY WILL NOT WORK

SNP Treasury spokesman Stewart Hosie MP has written to the Chancellor and Trade Secretary seeking a detailed assessment of the impact of every bail-out measure announced by the UK Government to help businesses survive the Downing Street depression.

His request comes as the Financial Services Authority warned the UK is facing a deeper recession than predicted as a result of the lack of available credit.

Commenting, Mr Hosie said:

“Despite the flurry of announcements designed to give the impression of doing something, real questions remain as to the effectiveness of the UK Government’s actions.

“Every day, we hear reports of more redundancies and closures. The raft of measures announced to date has simply not worked and businesses are still struggling to get the credit they need to weather this economic storm.

“Business organisations are becoming increasingly vocal in their concern as to what impact measures taken by the UK Government are having. I have written to the Chancellor and Lord Mandelson to seek assurances that the UK Government is not simply throwing away taxpayers money.”

Mr Hosie has also questioned the UK Government’s enthusiasm for quantitative easing, noting that this approach actually saw a decline in bank lending when it was deployed in Japan:

“Alistair Darling has written to the Bank of England confirming a framework for quantitative easing – an unsettling sign that printing money is on the cards.

“Recent examples of printing money show that this is an incredibly risky approach.

“Academics and bankers both agree that quantitative easing in Japan resulted in a decrease in lending by banks. Printing money will not solve the problems facing the UK economy – it may well aggravate them.

“Given the appalling track record of the Labour Government on economic policy, I would urge that the Chancellor seek approval from the House of Commons before embarking down this dangerous path.”

RIGHT-WING ALLIANCE TARGET SCOTLAND’S SPENDING

February 5, 2009 Stewart Hosie MP No comments
LABOUR SCOTTISH SECRETARY MORE INTERESTED IN PARTY POLITICS THAN OPPOSING TORY CUTS

LABOUR SCOTTISH SECRETARY MORE INTERESTED IN PARTY POLITICS THAN OPPOSING TORY CUTS

Speaking following Scottish Questions today (Wednesday) SNP Treasury spokesperson Stewart Hosie MP said that Tory plans to slash Scottish public spending had been “exposed for all to see”. Mr Hosie said that the three almost identical questions – on the Barnett formula and Scottish spending – were a massive embarrassment to Scottish Tory MSPs who are backing the Scottish Government’s budget.

Despite these questions Labour Scottish Secretary Jim Murphy exposed his party’s right wing alliance with the Tories by indulging in a bout of negative scaremongering against the SNP – an action for which he was pulled up by the speaker for using his office for party political purposes.

Commenting Mr Hosie said:

”The Conservatives plans to slash Scottish spending have been exposed for all to see. They are little different from Labour’s plans to cut £1 billion from Scotland’s budget.

”Behind David Cameron’s smiles and spin, just like Labour, the Tories are set on cutting Scotland’s budget.

“Apart from being extremely irresponsible at a time of recession, these bitter attacks are also acutely embarrassing for Scottish Tory MSPs who are backing the Scottish Government’s budget.”

During Scottish Questions Mr Hosie also called on Jim Murphy to “stand up to the Treasury” and ensure that the £1bn planned cut to Scotland’s Budget was reversed. Mr Hosie highlighted comments by the Labour First Minister of Wales who conceded that the Chancellor’s spending plans will mean almost £300 million of cuts in public services for Wales.

Mr Hosie said:

“Rhodri Morgan realises that this is the wrong time to cut public expenditure, and Jim Murphy should recognise that too. A Secretary of State for Scotland worthy of the title would be fighting the £1bn of cuts to the Scottish budget, not defending them.

“Instead Mr Murphy showed his partisan streak by failing to defend Scotland against cuts and was pulled up by the Speaker for using his office for party political purposes. He just exposed how London Labour plan a huge £1 billion cut in Scottish spending.

“It is totally unacceptable for the Treasury to chop £1 billion from Scottish spending – especially at a time when Scotland is in budget surplus, contributing far more to the UK exchequer than we get back in return.

“There is now no argument against fiscal autonomy for Scotland – the alternative is seeing our public spending being eroded year on year, and our public services being undermined.”

BROWN “RESPONSIBLE” FOR STATE OF ECONOMY FINDS POLL

January 31, 2009 Stewart Hosie MP No comments
‘ONLY CRASH GORDON THINKS HE SAVED THE WORLD’

‘ONLY CRASH GORDON THINKS HE SAVED THE WORLD’

A BBC / ComRes poll today (Friday) has found that 56% of Scots hold Gordon Brown responsible for the state of the UK economy.

Commenting, SNP Treasury Spokesman Stewart Hosie MP said:

“Despite his boasts, only Crash Gordon believes he saved the UK economy. Everyone else knows Brown’s irresponsible attitude is one of the reasons we are in this mess.

“The Prime Minister is in Davos today, calling on other world leaders to ‘have the confidence to act’. This is rather ironic as it seems people across the UK are losing their confidence in Mr Brown.

“Labour took us into recession and, if their irresponsible actions in the Scottish Parliament this week are anything to go by, they are determined to keep us there.

“Labour’s party political objections have put £1.8 billion of investment in Scotland at risk – including the increased infrastructure investment Gordon Brown was so keen to promote.

“It is time the Prime Minister stopped strutting around the international stage and took responsible action to help the Scottish economy.

“For a start, he should release the £1bn of Scottish resources being withheld by the Treasury, and rule out the £1bn cuts Labour plans to the Scottish Budget.”

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