Figures released today (25th January 2013) by the Office for National Statistics (ONS) showed that the UK economy shrank by 0.3% in the last quarter of 2012, proving that the economy has flatlined for over a year.
Commenting on the figures, Labour MP for Middlesbrough South and East Cleveland Tom Blenkinsop said:
“Today’s GDP stats don’t depict the real human cost of what’s happening for many people here on Teesside, in East Cleveland and across the UK. They don’t tell the stories of young people unable to find their first job, families struggling to pay the bills at the end of the month and pensioners unable to keep their homes warm.
“The figures show that manufacturing fell by 1.5% and North Sea maintenance has hit oil and gas extractions, both of these have a significant impact on our region. The uncertainty created by Cameron’s mixed messages on Europe seriously risk business investing in the country – and when the UK economy gets a cold, the North East gets the flu.
“The UK is going through its worst recovery from a recession in history and we know that the government will have increased UK debt by 60%, which is more in 5 years than the previous Labour government did in 13.
“George Osborne and David Cameron are on the verge of exchanging our triple-A credit rating for a triple-dip recession as he carries on with his flailing economic policies – including this week declaring further cuts will be on the way. This will be felt nowhere harder than our local community.
“It is undeniable by any measure that the Osborne plan is failing. Every struggling family and business knows who to blame for their plight and the Chancellor must listen to what they are saying.”