SNP RESPONSE TO G20 COMMUNIQUE.

SNP RESPONSE TO G20 COMMUNIQUE.

‘SUMMIT WILL BE JUDGED ON ITS IMPACT’

Responding to the Chancellor’s statement on the outcome of the G20 summit in London, SNP Shadow Scotland Office spokesperson, Angus MacNeil MP, said the meeting would ultimately be judged on whether the global recession is short and shallow or deep and drawn-out.

Mr MacNeil said:

“Global co-ordination is essential if we are to beat this worldwide economic crisis, but this summit will not be judged now, but on whether the recession is short and shallow or deep and drawn-out.

“Naturally, I welcome the measures to boost trade and the action on aid for developing countries.

“In particular, the announcement in the communiqué on stronger financial regulation is also essential, but that must be followed up immediately with a firm timetable for new financial regulations to be introduced.

“And now, after all the globetrotting and grandstanding, Gordon Brown needs to come back down to earth and get on with helping households and high streets across the country.

“In the wake of this summit Gordon Brown must think again and abandon his plans to slash Scotland’s budget by £1bn in the teeth of recession.
“Over the last few days Gordon Brown has spoken enthusiastically about the stimulus package planned for America by President Obama – but there is clear blue water the width of the Atlantic between President Obama’s $787 billion stimulus package, which will support some 3.5 million jobs nationwide, and the budget-cutting response of Gordon Brown.
“A key characteristic of the Obama plan is that the bulk of the additional resources is going to the individual States. The State of Maryland, for example – which has a similar population to Scotland – will receive some £2.6 billion extra funding, supporting 66,000 jobs over the next two years. Contrast this with the UK where, Gordon Brown is proposing to cut Scottish public spending in the midst of a recession.”