Plaid repeat call for infrastructure investment as double-dip deepens

Plaid Cymru have repeated calls for investment in infrastructure after newly published figures showed that the construction sector had performed worse than expected at the start of 2012.

First quarter GDP figures were therefore revised downwards to -0.3% suggesting that the recession is deeper than first thought.

Treasury spokesperson Jonathan Edwards said that an economic stimulus package for jobs and growth was needed to prevent the double dip recession from worsening.

He also called for the introduction of a financial transaction tax whose proceeds could be used for strengthening the economy and for a Welsh GDP figure to show how Wales was doing during this difficult economic period.

Plaid Cymru MP Jonathan Edwards said:

“Today’s worsening UK-wide GDP figures prove once again that the Con-Dems Plan A has failed.

“Osborne and Cameron needs to go back to the table and ensure that growth and jobs are now the priority.

“Plaid Cymru have warned from the very start that the construction industry is key to economic recovery.

“That is why we have consistently called for an economic stimulus package investing in infrastructure projects such as schools, hospitals, houses, roads and railways.

“One way in which this could be funded is through a financial transaction tax on banks, but this is opposed by the Labour-Tory tag-team in London, Cardiff and Brussels.

“It also is a shame, though, that there are no GDP figures for Wales to give us a better indicator of how the Welsh economy is faring during this difficult double-dip period as these UK figures cannot give us the whole picture.”

ENDS

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