Wednesday, 10 July 2019 13:13

BLACKFORD: TORIES TAKING UK ECONOMY TO BRINK OF RECESSION

BREXIT OBSESSION PUTTING JOBS AND LIVING STANDARDS AT RISK

The SNP has said there are growing signs that the Tory government is taking the UK economy to the brink of recession with its Brexit obsession.

Speaking at Prime Ministers Questions, Ian Blackford MP challenged Theresa May on warnings from Bank of England Governor Mark Carney, and economist David Blanchflower, that the UK economy does not appear to be growing, is heavily reliant on household spending, and could be facing recession.

The SNP Westminster leader listed off indicators that the UK economy was in trouble under the Tories - including the lowest level of foreign investment projects into the UK in six years, the twelfth straight month of decline in UK car production, the worst June on record for UK retail sales, the near stagnation of the services sector, and reports from Ernst and Young that the Brexit bill so far for financial services companies is as much as £4 billion.

Commenting after Prime Ministers Questions, Ian Blackford MP said:

"The Tory government is taking the UK economy to the brink of another devastating recession with its damaging Brexit obsession. 

"It is vital that the UK government removes its No-Deal Brexit threat from the table and takes action to stimulate and restore confidence in the economy. 

"The Tories cannot continue to ignore the growing warnings and indicators of the damage they are doing to jobs, living standards, businesses and investment across Scotland and the UK. 

"Yet again, Scotland's interests are being ignored by Westminster. We know Tory plans to drag us out of the EU against our will would inflict serious and lasting harm, with the potential to destroy 100,000 Scottish jobs and cost every person £2,300 a year.

"It's no wonder that support for independence in Scotland is growing, with polls showing a majority want a fresh independence referendum. 

“People in Scotland deserve the choice of a better future than the bleak Brexit Britain on offer from Westminster. It is clearer than ever that the only way properly protect Scotland’s interests is by taking our place as an equal, independent European nation.”


Ian Blackford MP's exchange with Theresa May at Prime Ministers Questions can be viewed here: https://parliamentlive.tv/event/index/883d54e3-57bf-4a92-9f18-eba92a40a193?in=12:21:02&out=12:26:10

While Westminster bluffs and blusters, a UK recession looms - https://www.theguardian.com/commentisfree/2019/jul/10/westminster-uk-recession-looms?CMP=Share_iOSApp_Other

Foreign investment into UK falls to lowest level in six years - https://www.ft.com/content/6416a20a-9805-11e9-8cfb-30c211dcd229

UK car production declines for 12th month - https://www.ft.com/content/0401c5d2-982a-11e9-8cfb-30c211dcd229  

Retail sales suffer ‘worst June on record’ - https://www.ft.com/content/d27484d6-a185-11e9-a282-2df48f366f7d

UK service sector ‘close to stagnation’ as economy slows - https://www.cityam.com/uk-service-sector-close-to-stagnation/

UK financial companies' Brexit bill nearing £4B, EY says - https://www.spglobal.com/marketintelligence/en/news-insights/trending/5fqldmoj__mpfng335akcw2

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