King reveals Labour negligence cost a million jobs

Commenting on claims by the governor of the Bank of England, Sir Mervyn King, that a million jobs could have been saved if Labour had acted earlier on warnings of the need for a bank bailout, the SNP’s Westminster Treasury Spokesperson Stewart Hosie MP said.

“This is an extraordinary intervention from the independent chief of the Bank of England.

“It blows apart Labour claims of swift action to avert the banking crisis. They had been warned nine months earlier that a capital injection was needed – yet they sat on their hands and did nothing.

“Rather than ‘bold action’ on the banks, it was ‘no action’ until the UK economy was on the edge of a precipice.

“This slow response is nothing short of economic negligence from Labour, and they have to answer to each and every person who has lost their job as a result.

“All three of the London based parties have played their part in this continued economic crisis.

“Labour inertia first led us into recession, and Tory ineptitude, aided and abetted by their lib-dem partners, has taken us back there.

“It’s time economic powers were in the hands of a decisive Scottish Government who would take action to create jobs and grow the economy out of the mess they have got us into.”


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