Alex Cunningham today criticised the Government over disappointing figures which show the UK economy contracted by 0.5% in the last three months of 2010.
The Independent Office of National Statistics has confirmed that even after the effects of December’s bad weather, the UK economy saw no economic growth in the final quarter of 2010. Reacting to the news, Alex said:
“Today’s figures are a real blow to the economy. The Government inherited an economy that was strengthening, with growth of 1.1% in the second quarter – thanks to decisions Labour took to support jobs and get the economy moving.
This proves what Labour has been saying all along – the Tory-led Government has no plans for growth and is cutting too far, too fast.
Families and Businesses across Teesside will be concerned by these figures which show just what impact George Osborne’s policies are having on the economy. The figures are particularly worrying because they cover the period before the VAT rise.
Only yesterday the head of the CBI said he thought the Government has no plan for growth and is taking decisions on the basis of political, not the national interest.
George Osborne’s arrogance was evident this morning when he denied that there was any need for him to look again at his economic plans, despite these shocking figures. He insists that it is only the weather that is to blame.
As Labour’s new Shadow Chancellor Ed Balls said today, simply slamming on the brakes is not a credible economic policy.
It is time that Cameron admitted his Chancellor’s plans are reckless and insist that he thinks again. ”