date: 25 January 2012
embargo: For immediate release
Commenting on the first estimate of GDP growth published today (Wednesday) for the last quarter of 2011, which showed the economy shrunk by 0.2 percentage points, TUC General Secretary Brendan Barber said:
'The Chancellor's economic strategy is going horribly wrong. The grand austerity plan is failing to tackle the deficit, causing unemployment to spiral out of control, and is now dragging the country back towards recession.
'Even the most loyal fans of the Chancellor's plan, from the IMF to the ratings agencies, are urging him to change course and focus on stimulating the economy, rather than pursue reckless austerity measures that are making a second global recession look more likely.
'Unless the government starts focusing on jobs and growth, it could preside over a decade of economic stagnation, with GDP per capita not set to return to pre-recession levels until at least 2016.'
NOTES TO EDITORS:
- The latest GDP estimate is available at www.ons.gov.uk/ons/rel/gva/gross-domestic-product--preliminary-estimate/q4-2011/stb-q4-2011.html
- All TUC press releases can be found at www.tuc.org.uk
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Issued: 25 January, 2012