TUC: UK could suffer a lost decade of weak growth and high joblessness

The TUC has said that the UK could suffer a lost decade of weak growth and high joblessness following the latest GDP growth forecast. The figures published by the National Institute for Economic and Social Research (NIESR), show that growth remained broadly flat in the second quarter. Gross domestic product (GDP) in the United Kingdom declined by 0.2% in the three months ending in June after growing by 0.1% in the three months ending in May 2012.

TUC General Secretary, Brendan Barber, said: “This grim forecast shows that unless the Government changes course, the UK could be less than halfway through a lost decade of weak growth and high joblessness.

“It is increasingly clear that self-defeating austerity is not only prolonging the economic depression but causing permanent damage to British industry and the job prospects of young people.

“We need a more positive economic plan urgently that invests in new infrastructure, industries and decent job creation, rather than one that sucks the life out of the UK economy through endless cuts.”