Are we heading for triple-dip recession?

THE Independent reports on its front page the Governor of the Bank of England Sir Mervyn King’s fears that the UK could re-enter recession. The Bank of England produced its gloomiest medium-term assessment of economic prospects since it was granted independence in 1997.


TUC General Secretary Brendan Barber responding to recent unemployment figures said “Tougher times may still be ahead if our economy starts to slow again in the autumn quarter. There are still big challenges ahead, with long-term unemployment rising, real wages falling and far too many young people out of work.”


Across Europe yesterday workers protested against their governments’ economic policies as unions called for an end to austerity and a focus on jobs and growth.


TUC General Secretary Brendan Barber and TUC President and Unions21 steering committee member Lesley Mercer visited the European Commission’s office in London to hand in a letter for Commission President Jose Manuel Barroso, reminding him of the growing opposition to austerity and calling for an immediate change of direction.


ETUC General Secretary Bernadette Ségol commented: “Europe’s leaders should recognize the full magnitude of yesterday’s European mobilisation. Some 50 trade union organisations from 28 countries participated actively in this day of action. It is impossible to pursue the path of austerity, which is a total failure. According to a recent report by the International Labour Organisation (ILO), the austerity measures implemented in Greece are leading to violations of fundamental rights. We need to change course immediately. The social situation is urgent.”


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