date: 16 July 2012
embargo: For immediate release
Responding to the World Economic Outlook published today (Monday) by the International Monetary Fund (IMF), which has slashed its growth forecast for the UK economy to just 0.2 per cent in 2012 (from 2.3 per cent in its June 2011 forecast) and 1.4 per cent in 2013, TUC General Secretary Brendan Barber said:
'For the IMF to slash its growth forecast for the UK by more than any other advanced economy is a damning indictment of the government's economic strategy.
'Last summer the IMF predicted economic growth of 2.3 per cent this year. Since then the UK has experienced its first double-dip recession in 40 years and the economy is now not set to recover for at least another year.
'Continuing with the Chancellor's austerity plan is prolonging the depression and risks causing permanent damage to the UK economy, with businesses failing and over a million young people neither in work or training.
'The government must change course and start investing now to boost demand, get people back to work, and get the UK economy motoring again.'
NOTES TO EDITORS:
- All TUC press releases can be found at www.tuc.org.uk
- Follow the TUC on Twitter: @tucnews
- Congress 2012 will be held at the Brighton Centre from Sunday 9 September to Wednesday 12 September. Free media passes can be obtained by visiting www.tuc.org.uk/mediacredentials and completing an online form. Applications must be in by noon on Wednesday 29 August. Any received later than that will be processed in Brighton and will cost £50. Please note that the Brighton Centre requires 60 days' notice for telephone line facilities. Details available on the link above.
Liz Chinchen T: 020 7467 1248 M: 07778 158175 E: firstname.lastname@example.org
Rob Holdsworth T: 020 7467 1372 M: 07717 531150 E: email@example.com
Elly Gibson T: 020 7467 1337 M: 07900 910624 E: firstname.lastname@example.org
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