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UK Recession Will Be Deeper Thanks To Labour
Brussels, 19th January 2009
Labour's policies are making the recession deeper and Britain's recovery tougher, Timothy Kirkhope MEP, Conservative leader in the European Parliament, warned today as the European Commission slashed its growth forecasts and issued a warning over Britain's soaring levels of debt.
The Commission's interim economic forecasts, published today, predict the UK economy will contract by 2.8 per cent in 2009 - one percent above the EU average - and grow just 0.2 percent in 2010. In their forecasts of last November, the Commission predicted a one per cent contraction in the UK this year.
The Commission has also warned that UK government debt will rise to nearly 72 per cent of GDP in 2010/2011.
Timothy said:
"We are beginning to see how Labour's policies are making the recession deeper and Britain's recovery tougher.
"The entire EU is suffering from the financial downturn, but Gordon Brown's debt has made the situation all the more acute in Britain.
"These forecasts blow the Treasury's predictions out of the water, and will make Britain's debt crisis even more acute than already envisaged.
"Britain is at risk of becoming the sick man of Europe again."
ENDS
