Speaking as the economic situation grows more uncertain by the day, Stephen Boyd, STUC Assistant Secretary said:
“The response of politicians to the challenges currently facing the Scottish economy has, to date, been wholly inadequate.
“It is encouraging that the Prime Minister is now considering proposals to end irresponsible behaviour in the markets but any new intervention will come far too late in the day. The Prime Minister and his Labour colleagues in the Scottish Parliament must now fundamentally reappraise their vision for the Scottish economy. The complacent belief that financial services will forevermore drive growth has been blown apart.
“Whilst the First Minister’s vilification of speculators is welcome, the SNP has failed to outline coherent plans for regulation of financial services in an independent Scotland. The First Minister’s views must be balanced against those of his party which has consistently promoted the light-touch, under-funded Irish model as a regulatory exemplar for an independent Scotland. The SNP cannot have it all ways: too often the First Minister slips into economic populist mode as his Ministers tour the country promoting laissez faire.
“In light of David Cameron’s statement that ‘we must not let the left use this as an excuse to wreck an important part of the British and world economy’, Annabel Goldie should explain exactly what she believes will constitute effective regulation of the financial sector. Very few people will have any confidence whatsoever that the Tories will prioritise the interests of working people over those of their friends in the City.
“The recent supply-side silliness of the Scottish Lib Dems hardly warrants a mention”.
ENDS
Notes
David Cameron’s comments above were reported in today’s Financial Times. The STUC will publish a major discussion paper on the current economic situation on 8 October 2008; the date of the next meeting of the National Economic Forum.
For further information contact
Stephen Boyd t0141 337 8100