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25 July 2012
Commenting on today’s GDP figures, Ian Brinkley, director of The Work Foundation said:
“These figures suggest the recent good news on jobs will be short-lived and we can expect unemployment to start to rise again. The government needs a credible plan to give the private sector the confidence to invest and innovate.
“The numbers suggest the economy is moving from a shallow, double-dip recession into a deeper and more prolonged slump. A contraction of 0.7% in three months is extremely worrying, regardless of any effects from the Jubilee and the bad weather. While construction has been the biggest contributor to the fall in GDP, both manufacturing and service sectors have also shrunk, with few parts of the economy escaping the pain.
“The collapse in construction output has been caused by the double shocks of a weak housing market and a collapse in government infrastructure spending. The government should take advantage of the UK’s creditworthiness to reverse some of the cuts in public investment, especially those projects which could start straight away.”
Notes to editors
1. Ian Brinkley, Charles Levy and Andrew Sissons are available for interviews, briefings and written comment.
2. The Work Foundation aims to be the leading independent, international authority on work and its future, influencing policy and practice for the benefit of society. The Work Foundation is part of Lancaster University – an alliance that enables both organisations to further enhance their impact.
Tom Phillips 020 7976 3554
Anna Kharbanda 020 7976 3646