Welsh Economy “Worse than Greece”

UKIP has slammed the revelation that on a stand-alone basis Wales’ budget deficit is £14.6bn, almost a quarter of the country’s GDP.

Economics Spokesman Mark Reckless pointed out that even at it’s worst point from 2008-2009, the Greek budget deficit was 15% of gross domestic product, ten per cent lower than in Wales now.

“Wales has witnessed eight of the nine major metal ore refineries close since Carwyn Jones came to power in 2007, costing tens of thousands of jobs directly, and in the supply chain, close to destroying manufacturing which had always been the backbone of the Welsh economy.

“On a stand-alone basis Wales has an absolutely eye-watering level of budget overspend that makes the Greek economic crisis look like a minor cashflow problem. Spending relative to taxation has got to extraordinary heights with window dressing policy freebies, no credible consolidated economic policy and an Assembly which doggedly pursues public sector employment while making it increasingly hostile for businesses to operate here.

“Not one party currently represented in Cardiff Bay is willing to state that they are prepared to take the bold steps needed to improve the Welsh economy, always putting their own public image over and above the needs of the country, which is why UKIP is vital in bringing a strong voice of accountability to the Senedd. We can’t bury our heads in the sand over this any more.

“UKIP is the only party which pledges to fight the devolution of tax raising powers to the Assembly. It is ludicrous that Plaid Cymru flirts with independence for Wales and Labour and Conservative now both support fiscal devolution. When one quarter of everything that our government spends in Wales is borrowing or subsidy from the rest of the UK, devolution of tax raising powers could prove a slippery slope to a fiscal disaster far, far worse than Greece.”