Swales Hails Economic Recovery
Figures released today show that the UK economy has now reached pre-crash levels..
The UK economy has grown by 0.8% over the last quarter, indicating that the UK economy has now returned to the same level it had before the banking crisis in 2008.
Commenting, MP for Redcar Constituency Ian Swales said:
“Today is a big day for Britain. The rescue is working and Britain’s economy is the same size as it was before the crash. This is fantastic news for people in Teesside where things continue to improve and good news keeps on coming.
“Delivering this recovery is why Liberal Democrats took the brave decision to enter coalition in 2010 and I am proud that we have helped rescue the British economy and get it growing at the fastest rate of any major economy.
“Our area has received over five times more government investment per year than under the previous government and I remain focussed on pushing for more and continuing to build a stronger economy and a fairer society for my constituents. Things are really on the up for Teesside!”
Speaking exclusively to Zetland FM, Redcar's local Labour candidate Anna Turley commented "I am pleased to see our economy has, at long last, got back to the size it was before the global financial crisis. But the fact that Redcar Lib Dems believe this to be a moment for celebration is revealing.
"Not only is it two years later than the Chancellor originally promised, it’s also the case that GDP per head won’t recover to where it was for around another three years – in other words, this has been a lost decade for living standards. Far from balancing the books by 2015 as promised, borrowing is set to be £75bn next year – because this Coalition choked off recovery back in 2010.
"The reality is that most people in Teesside are worse off as the gap between wages and inflation is the highest it has been for 50 years. Long term youth unemployment for young people and for women has substantially increased under this government.
"We need a different approach to deal with the deep-seated cost-of-living crisis, build a stronger and more balanced recovery, and tackle the substantial deficit the next government will face. That means making work pay and tackling insecurity by expanding free childcare, introducing a lower 10p starting rate of tax, raising the minimum wage and ending the exploitative use of zero-hours contracts. We need to create more good jobs and ensure young people have the skills they need to succeed and to stay here on Teesside".