NEWS RSS

Plaid comment on latest economic figures

26/07/2022

Plaid Cymru’s economic spokesperson Jonathan Edwards MP has commented on the release of today’s figures which show that UK growth has slowed to 0.2%.

The Office of National Statistics has announced that the UK’s economy slowed in the three months to the end of June. The Gross Domestic Product grew by 0.5% in the previous three months, but contracted by 0.5% in the last three months of 2010.

Mr Edwards said:

“Plaid has consistently warned that the level of public expenditure reductions being introduced by the UK Government would undermine economic performance.

“Normally at this stage after a recession we would witness a robust economic recovery.

“The uncertainties in the global economy mean that the Treasury should be investing to stimulate economic activity at home.

“Many economic commentators today are expressing concern that any growth witnessed will be spread unevenly and predominantly centred around the south east of England. Whatever the colour of the UK Government, wealth is polarised, with economies such as ours in Wales treated as an afterthought.

“That is why we have been calling for countervailing measures - such as a temporary cut in VAT and the devolution of corporation tax.

“We have to ensure that future growth across the UK is spread more evenly.

“The so called ‘Calman Cymru’ report needs to report with haste and give recommendations that empower the Welsh Government with job creating levers.”