Commenting on confirmation today (Friday), that the UK economy is now officially in recession, SNP Treasury Spokesperson, Stewart Hosie MP, said:
“The economic bad news has been relentless, and so confirmation that we are officially in recession is no surprise.
“It is essential that the UK Government step-up action to keep this recession as short and shallow as possible.
“One of the key levers to stimulate the Scottish economy, and which the UK Treasury could do right now, is to release the £1bn of Scotland’s resources being withheld by the Treasury. Labour should also rule out slashing the further £1bn in cuts planned by the Prime Minister.
“Last year’s VAT cut has clearly failed. Instead of rambling about ‘green roots of recovery’ UK Ministers should be looking to see how fiscal stimulus and capital spend can be reprofiled – a much more effective means of securing jobs and boosting the economy.”