Eurozone and EU growth figures concerning, while rise in inflation disappointing
- Published on Tuesday, 14 August 2012 14:59
- Posted by Scott Buckler
Rachel Reeves MP, Labour's Shadow Chief Secretary to the Treasury, in response to today's Eurozone and EU Growth figures, said..
"These are concerning growth figures, with the Eurozone economy contracting in the last quarter. But they also show that despite all the problems in the euro area, France and Germany have so far managed to avoid recession, while Britain has now been in recession for the last nine months.
"The UK is still just one of two countries in the G20 in recession. It's now clear that Britain's double-dip recession was made in Downing Street and George Osborne cannot keep blaming the Eurozone for the failure of his plan.
"Clearly the situation in the Eurozone remains a serious cause for concern and what happens in the coming weeks and months will have an impact on Britain. But that is why, instead of calling for more of the same tax rises and spending cuts in Europe which are making things worse not better, George Osborne should be making the case for a plan for jobs and growth in Britain and across Europe."
Also commenting on today's rise in inflation, Rachel Reeves MP said:
"This is a disappointing rise in inflation which comes at a time when families and pensioners are facing a real hit to their incomes as a result of this Tory-led Government's policies.
"People on low and middle incomes are paying a heavy price for failed economic policies which have pushed us into a double-dip recession including a VAT increase which has hiked prices and squeezed family budgets. And families with children have taken an average of £511 a year hit as a thanks to Government tax and benefit changes this year alone.
"That's why we urgently need a change of course and a plan for jobs and growth to get our economy moving again, get people back to work and so get the deficit down."