Commenting on the monthly GDP figures published today (Tuesday) by the Office for National Statistics (ONS), which show UK GDP still down 25% on the start of the year with only a slight (1.8%) rebound into May, TUC General Secretary Frances O’Grady said:
“Closing down large parts of the economy was always going to lead to a sharp fall in GDP. With only a slight gain into May, the danger is that the pandemic could lead to an economic crisis.
“Mass unemployment is the biggest threat facing the UK – as the thousands of job losses at British Airways and Airbus show. But the government’s announcements last week fell far short of what we need to stem the tide of redundancies.
“The chancellor should have announced targeted support for the hardest-hit sectors like retail, manufacturing and aviation. And struggling businesses need more than a one-off job retention bonus to survive in the long run.
“The more people we have in decent work, the faster we can move out of recession. We must create jobs by investing in new homes, childcare, faster broadband, better transport and green tech. And we need to fill the 200,000 vacancies in the NHS and social care.”
- The ONS GDP figures are at: www.ons.gov.uk/releases/gdpmonthlyestimateukmay2020
- The Trades Union Congress (TUC) exists to make the working world a better place for everyone. We bring together more than 5.5 million working people who make up our 48 member unions. We support unions to grow and thrive, and we stand up for everyone who works for a living.
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