The government risks a continuing economic spiral of decline if it relies solely on the Bank of England’s monetary policies to get the economy back on track, warned Britain’s largest union Unite.
The warning followed the publication of today’s (Wednesday, 8 August) quarterly Bank of England inflation report, which saw the bank slash its growth forecast for 2012 to around zero from 0.8 per cent.
Commenting, Unite general secretary, Len McCluskey, said: “Confidence and demand in the economy are being strangled by government inaction and self-defeating austerity. Livelihoods are being lost and wages squeezed as the government’s failed economic policies take their toll.
“Simply relying on measures from the Bank of England to get the economy back on track will not work. The Bank’s forecasts underline the desperate need for a government led stimulus which promotes jobs and growth. George Osborne and Co need to wake up to the damage they are doing and implement a ‘plan B’ to kick start the economy.”
Unite is urging people to make a stand against the government’s failing economic policies and join the TUC march ‘for a future that works’ on Saturday, 20 October 2012 in London.
The union has also released a film on the impact of the economic crisis and how workers’ wages are running out after just 21 days, forcing many to borrow until their next pay day. (Link: http://youtu.be/PqWsKCmofQg)
For further information contact the Unite press office on 020 3371 2065, or Alex Flynn, Unite head of media and campaigns on 020 3371 2066 or 07967 665 869.
Notes to editors
Unite is Britain and Ireland’s largest trade union with 1.5 million members working across all sectors of the economy. The general secretary is Len McCluskey.