Plaid: Wales may yet be victim of stagnation

Plaid Cymru treasury spokesperson, Jonathan Edwards MP, comments on today's GDP figures:

"As they can only be collated afterwards, GDP figures are always running behind the reality which we are experiencing on a day-to-day basis and are a confirmation of what has already gone on.

"The third quarter GDP growth across the UK is welcomed, but without a regional breakdown we are unable to see exactly how this impacts upon Wales.

"There was a sharp drop in construction from the second quarter. A VAT cut in housing renovations, allowed by European regulation, would stimulate business, especially sole traders and small businesses, which are the backbone of the industry in Wales, and would be revenue neutral.

"The Con-Dem UK government cuts have been a massive gamble and with people fearing for their jobs and not spending, we could be seeing, if not a double-dip, then economic stagnation - and that is likely to be worse in Wales than in the south-east of England.

"Wales needs to be in charge of her own resources so that we can master our own economic recovery, not just hang on London's coat-tails and hope for the best."


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