Deep concern over GDP figures released by ONS

UK economic activity shrank by 0.2% in the last three months of last year according to figures relea

Since George Osborne’s spending review the economy has grown by just 0.3% compared to the 3.0% predicted by the Government.

 

The economic overview issued by the Office for National Statistics states that of the major economic releases during January, covering  data for November or December, there has been further evidence of the weakness of the economy, including a further disappointing set of labour market statistics.

 

Steve said:

 

“The Chancellor is blaming world conditions and the eurozone for the latest GDP figures which show the economy is shrinking, but the British recovery has been stalling since the Government’s spending review in the autumn of 2010.

 

“This is very bad news for those small businesses trying to ride out the tough economic times and even worse for those 2.68 million unemployed people.

 

“As part of my efforts to help small businesses in my constituency I am developing a small business forum, where successful and start-up businesses can share best practices and work with each other to become stronger. I also hope these businesses will actively engage in work experience or apprenticeship programmes to help tackle unemployment.

 

“I believe that initiatives like these are essential in the current climate, and especially as the Government are remaining stalwart in their efforts to stick to an economic plan that isn’t working.”

 

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