Commenting on the preliminary estimate of UK GDP for the second quarter of 2011, published today (26th July 2011), Scottish Building Federation Chief Executive Michael Levack said: “These latest UK GDP figures are far from encouraging. In particular, they show output from the construction sector having fallen by 1.4% compared to the second quarter of 2010.
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“Given the impact of the severe winter weather on industry output in the first quarter of this year, quarter-on-quarter growth of 0.5% hardly suggests an industry in rude health.
“If we are to see stronger industry performance over the remainder of 2011, the UK government needs to act now to improve business bank lending, to cut VAT, and to give the Scottish Government borrowing powers to increase capital investment.”
(GK)
