SNP Treasury spokesperson, Stewart Hosie MP, has expressed concern at the publication of figures revealing that the recession has led to a £7bn fall in the amount of tax paid by individuals and businesses in January.
Mr Hosie said:
”It was difficult to imagine how the Downing Street downturn could plummet further, but the bad news is becoming ever more rapid.
”The Treasury’s tax take is being hammered by the economic crisis, and it seems Gordon Brown’s golden goose of a VAT cut has turned out to be a lame duck.
”Perhaps most worryingly UK Government borrowing is now expected to exceed its own forecasts of £77bn – meaning borrowing now stands at 47.8% of the UK's economic output.
”It is clear that the recession is going to be far deeper than previously thought, certainly more serious than Treasury forecasts suggested, and Gordon Brown has been left looking complacent as the Downing Street downturn plummets new depths.”
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