Stewart Hosie MP, SNP Treasury spokesperson commented :
"A worse than expected 0.3% decline in the economy opens up the prospect of an unprecedented triple dip recession - which would mean more misery, belt tightening and austerity for Scottish families and businesses.
"Perhaps the alpine air of Davos will give Mr Osborne cause to think about the failure of his economic policies. We have seen this week alone borrowing up a hefty 7 percent year on year, almost zero growth last year, criticism from Nick Clegg of all people that the slashing of the capital budget was a disastrous mistake, and support from the IMF ebbing away as they line up to tell him he was wrong to cut so quickly -- and he needs to change course.
"George Osborne has told us since May 2010 that sorting the public finances and getting growth back into the economy after the great Labour crash of 2008 were his priorities. There is now not a shred of comfort for him. It's not happening.
The people of Scotland did not vote for these destructive and disatrous policies. Scottish families and businesses are all suffering from the Westminster coalition's dogmatic refusal to change course. What Scotland needs is a government that reponds to its economic priorities and needs, which is why a Yes vote in the independence referendum is so important."
