Stephanie Dearden
Liberal Democrat Spokesperson for Tooting
Tel: 020-7771-2551 or 07985649807
PRESS RELEASES
Friday, 21st October 2005
Brown’s Failure to Address Domestic Problems behind GDP Slowdown
The UK's sharp economic slowdown this year has been confirmed by figures from the Office for National Statistics, which show GDP grew 0.4% between July and September, down from 0.5% in the previous three months. Analysts said the figures were unlikely to be enough to prompt a cut in interest rates this year.
Liberal Democrat Spokesperson for Tooting, Stephanie Dearden said:-
This first estimate makes it increasingly difficult to believe that GDP growth this year will even meet Gordon Brown's revised forecasts of 2.5%. The Chancellor has unwisely and unnecessarily staked his reputation on the forecasting ability of the Treasury which is largely a matter of pure chance. The current weakness is not primarily due to high oil prices, as the Chancellor would have us believe but to domestic imbalances that Gordon Brown has done little to address. The fall in private consumption, which was evident when the Chancellor made his growth forecasts in the Budget, is largely due to uncertainty in the housing market and concerns over personal debt.
ENDS
Stephanie Dearden
Liberal Democrat Spokesperson for Tooting
Notes to editors
If you would like to arrange an interview with Liberal Democrat Spokesperson for Tooting Stephanie Dearden then please call 020-7771-2551 or 07985-649807 or 07754 583090