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New capital spending won't undo damage from Chancellor's £22bn infrastructure cuts, says TUC
Commenting on the government's announcement yesterday (Tuesday) that it will invest £5bn in new infrastructure projects, TUC General Secretary Brendan Barber said:
'The government's £5bn u-turn on infrastructure spending, though welcome, is still nowhere near enough to undo the damage caused by the £22bn of infrastructure cuts over the last two years.
'Paying for this new investment through even deeper departmental spending cuts will also put our stretched public services under even greater strain. This could spell real trouble for non-ringfenced public services such as the police and social care.
'Small spending u-turns will not do enough to turn our economy around. The Chancellor should therefore use the Autumn Statement tomorrow to announce a far more ambitious plan for growth. This should include far greater infrastructure spending and a new State Investment Bank to help fill the credit-void left for small businesses by our high street banks.'
NOTES TO EDITORS:
- All TUC press releases can be found at www.tuc.org.uk
- Follow the TUC on Twitter: @tucnews
Contacts:
Media enquiries:
Liz Chinchen T: 020 7467 1248 M: 07778 158175 E: media@tuc.org.uk
Rob Holdsworth T: 020 7467 1372 M: 07717 531150 E: rholdsworth@tuc.org.uk
Alex Rossiter T: 020 7467 1337 M: 07887 572130 E: arossiter@tuc.org.uk
