SNP comment as UK returns to recession
As the ONS confirm that the UK economy returned to recession today, as a result of a sharp fall in construction output, SNP Treasury spokesperson Stewart Hosie MP said the ‘double-dip’ was a result of the Coalition Government’s refusal to invest in shovel-ready infrastructure projects as consistently called for by the Scottish Government.
Mr Hosie, a member of the Treasury Select Committee, said:
“Scotland is again paying the price of the UK Government’s reckless economic mismanagement. This double-dip recession is the direct result of a sharp fall in construction output over a period when the Scottish Government has consistently called for investment in shovel-ready projects.
“At a time when we needed capital investment to support employment, help small business and promote economic security, the centrepiece of the recent Budget was a tax cut for the rich. This fall back into recession shows that the UK Government has its priorities all wrong, and that we urgently need a change of direction.
“The Chancellor has ignored the needs of Scotland in a Budget which shows the UK government has its priorities all wrong, and that Scotland now urgently needs the real economic powers of independence.
“What this highlights is the limitations of the current constitutional arrangements, in particular our inability to borrow. That means work is delayed while we await the green light from Westminster, which is completely unacceptable and is holding us back.”