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Independent Figures Confirm Dire Economic Situation

The UK economy has returned to recession, after shrinking by 0.2% in the first three months of 2012. 

Independent information from the Office for National Statistics indicates that a sharp fall in construction output was behind the contraction.

A recession is defined as two consecutive quarters of contraction. The economy shrank by 0.3% in the fourth quarter of 2011.

Toby Perkins, Member of Parliament for Chesterfield and Shadow Minister for Small Business, in response to today’s economic growth figures, said:

“David Cameron and George Osborne complacently boasted their austerity plan had taken our economy out of the danger zone – but their failed policies have plunged us back into recession.

“But with businesses suffering in Chesterfield and well-known national names disappearing from the high street, Labour consistently warned that the Lib Dem backed Tory austerity plan was self-defeating, and that cutting spending and raising taxes too far and too fast would badly backfire.

“The reason why last month’s Budget is such a disaster for Britain is not just because it unfairly cut taxes for millionaires while clobbering families and pensioners, it also failed to come up with the plan for jobs and growth Britain desperately needs and we have been urging.

“The Chancellor needs to explain why America, which has taken a much more balanced approach with a jobs plan to boost growth, has more than recovered all the output it lost in the global recession while our economy is shrinking again.

“The price of this recession is billions more borrowing to pay for economic failure. The Government’s pledge to balance the books by 2015 is now in tatters and is leaving dire economic and social costs which will scar the life chances of  future generations.

“The longer this out of touch and incompetent Government sticks with these failed policies, the more damage will be done.”

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Welcome

I am Toby Perkins, Labour's Member of Parliament for Chesterfield. If you would like to get in touch with me, my office is open and can be reached by phone on 01246 386 286. I also hold regular surgeries so that constituents can meet me and I can take up their concerns. If you would like to make an appointment then please do contact my office. Thank you for visiting.

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