More bad news for our area - say Ian Swales

GDP figures show we could be in the deepest recession on record - says Shadow Chacellor Vince Cable

Commenting on today's GDP figures, which show the economy shrank by 0.4% Between July and September, Liberal Democrat Shadow Chancellor, Vince Cable said:

"For all the hopes of a quick recovery, these figures make it clear we are still in the longest and what could yet become the deepest recession on record.

"For all that has been thrown at the economy to try and stimulate a recovery it is clear that massive structural problems remain, particularly in the banking sector.

"This news adds to serious concerns over the realism of Government plans to deal with the burgeoning public debt. It is critical ministers spell out a credible path as to how they will deal with the deficit.

"With the legacy of unemployment likely to remain for years after the end of the recession, we need radical measures to avoid repeating the mistakes of the 1990s which left millions on the scrap heap."

Prospective MP for Redcar Ian Swales said:

"The fact that the country is still in recession is more bad news for our area. With unemployment already at high levels, and more threatened, we desperately need a turn round in the country's fortunes. While other countries like France and Germany are growing again we are still faced with decline and a collapsing currency due to the reckless policies of the Labour Government."