GDP figures show double-dip recession is now a real danger, says TUC
- Published on Wednesday, 05 October 2011 16:19
- Posted by Scott Buckler
Responding to the final revision of GDP growth figures for the second quarter of 2011, published today (Wednesday) by the Office for National Statistics, TUC General Secretary Brendan Barber said
'The economic news just keeps on getting worse. Today's revision of the GDP growth figures show the economy is doing even more badly than expected. There is now a real danger of the UK going back into recession, and the best that current policies can deliver will be years of stagnation.
'We need action to kick start the economy, rather than speeches telling us to look on the bright side. The fall in household spending is almost as steep as at the height of the crash as wages are squeezed, prices rise and families cut back.
'Of course people should be sensible about paying back unsustainable debt, but the truth is that the government is relying on people borrowing more as OBR forecasts reveal. George Osborne must be hoping that people ignore the Prime Minister's advice to pay back their credit cards today.'