Monday, 8 August 2011

Scottish Ministers call for rethink on UK economic policies

In light of continued uncertainty in the US following the downgrading of the US credit rating, and further falls on European stock markets, Ministers have again called for a rethink on the UK's economic policies.

Finance Secretary John Swinney said:

"In an uncertain international financial situation, with shares in the US slumping and further falls on European stock markets, we must all focus on building economic recovery.

"There is no doubt these are difficult times and we need action, now, to support the economy and protect the recovery. The most effective way to do that is to improve consumer and business confidence and focus on job creation through targeted capital investment.

"These are the areas that the Scottish Government is focusing on by protecting household budgets through the council tax freeze, protecting jobs through a guarantee of no compulsory redundancies in the areas within our direct responsibility, and implementing a growth strategy that has contributed to eight consecutive reported months of falls in unemployment.

"The UK Government has already recognised that it needs to do more to support the recovery and we have put forward a range of specific policies to help boost growth, such as a cost effective programme of infrastructure investment to create new jobs and new capital assets which will support growth over the short and long term.

"What Scotland really needs is access to all the key levers of economic growth, such as borrowing powers and corporation tax, to enhance investment and create more jobs across the Scottish economy."
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