The UK economy has now returned to growth, albeit moderately, following the longest period of recession on record (six quarters) in which the UK economy contracted by 6.1%.
John McDonnell MP, LEAP Chair, said:
"The confirmation that the UK has emerged from recession is of course welcome, but the fragility of the economy and its vulnerability to a 'double-dip recession' cannot be under-estimated.
"Harsh public spending cuts and job losses would risk sending the UK into a prolonged recession, with the human misery of mass unemployment, poverty, and homelessness. This would be the nightmare of a Tory government."
Andrew Fisher, LEAP Co-ordinator, said:
"The recession is not over for the 2.5m unemployed and the 1.8m families waiting for housing. Nor is it over for the millions more who have reduced their hours or taken a pay cut during this recession.
"The risk of a relapse into recession is acute – with the UK banks still exposed to the US housing market, and consumer demand here weakened by unemployment, pay freezes and short-time working."
The arrogance being shown by those who have come out today (including Mr Osborne of course) suggesting that we must simply "grin and bear" the manner of the proposed cuts that all mainstream parties seem to tout is revolting.
ReplyDeleteThe great income inequalities are merely being highlighted once again by today's revelations, yet with little political challenge by party leaders as to why the recovery is at its strongest in the financial sector, whilst most industry away from the city suggest that further unemployment will be unavoidable, means any hope of a lasting re-structure of the economy is dissipating day by day
MARKET SUMMARY
ReplyDeleteThe markets exhibited significant optimism even on the back of the RBI raising the CRR by 75 basis points today. Though the markets reacted negatively on getting the news, but they shrugged it off and moved into green territory towards the later half of the session and closed up. The markets had opened on a negative note tracking global cues. From the sectoral front, most of the buying was witnessed in Realty, Bank, Power and Capital Goods stocks. BSE Midcap and Smallcap stocks also remained on buyer’s radar. FMCG, Metal and Teck stocks witnessed selling pressure. The Sensex closed slightly higher by 51.09 points at 16,357.96 and NSE Nifty ended marginally up by 14.80 points at 4,882.05. BSE Midcap and Smallcap closed with gains of 65.29 and 97.79 points at 6,509.80 and 8,232.68 respectively. The Sensex touched intraday high of 16,390.31 and intraday low of 15,982.08.
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