date: 5 July 2012
embargo: For immediate release
Commenting on the decision today (Thursday) of the Monetary Policy Committee to increase the quantitative easing programme, TUC General Secretary Brendan Barber said:
'The Bank of England is warning that the double dip recession could be deeper and more persistent than it previously thought. As the Bank says, the government's austerity programme combined with the fact that banks are not lending and the crisis in Europe is holding back the economy.
'Given government inaction, the Bank is absolutely right to renew quantitative easing today. But this will only stop things getting even worse, not kickstart the economy.
'What we really need is co-ordinated action by both government and the Bank to boost demand in the short-term and build a prosperous job-creating economy for the long-term.'
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Press release (300 words) issued 5 Jul 2012
This page http://www.tuc.org.uk/economy/tuc-21177-f0.cfm
printed 20 May 2013 at 17:12 hrs by 18.104.22.168