The latest GDP
figures show the Conservative – Liberal Democrat Coalition government’s austerity
experiment has failed. Plaid Cymru's plans for modest
growth in departmental spending of 0.5 per cent in addition to an increase in
infrastructure spend would lead to a balanced economy and healthier public
finances.
Leanne Wood AM/AC Party of Wales leader said:
“The latest GDP
figures reflect the fact that the economy has been choked by the austerity experiment.
This has been the slowest post-recession recovery in living memory resulting in
an imbalanced economy and missed fiscal targets.
"The UK is
the only major economy where the gap between rich and poor is widening. The
poorest ten per cent have borne the brunt for harsh cuts. Wages in parts of
Wales are ten times lower per head than parts of inner London and people are
stuck in under-employment and zero hours contracts.
"Austerity
is a choice. We cannot have healthy public finances without first securing a
balanced economy. That is why Plaid Cymru advocates breathing space for
businesses and communities. Modestly increasing government investment in
services and improving infrastructure would provide the basis for a balanced
economy and job opportunities across the UK.
"For every
pound spent on infrastructure, a further three pounds of activity is generated
in the economy. For every percentage increase in GDP, around £700 million is
added to the tax take.
"Bringing
down the deficit through investment is the only responsible approach. People in
Wales have the option of rejecting further counter-productive cuts and backing
investment with Plaid Cymru at this election. It's time for a humane economic
policy that protects our treasured public services and delivers a climate for
businesses to flourish."
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