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BLEAK ECONOMIC REPORT DEMANDS TAX CUTS TO STIMULATE WELSH ECONOMY

November 10, 2008 12:00 AM

Commenting on the latest Purchasing Managers Index (PMI) report for Wales released today from the Royal Bank of Scotland, Jenny Willott, Lib Dem Shadow Work and Pensions Secretary and MP for Cardiff Central, said:

"This report shows that despite the recent interest rate cut, the economic forecast for Wales remains decidedly bleak. We need tax cuts for low and middle income earners now in order to revive the flagging Welsh economy.

"Employers are saying that new business has reached its lowest level this year, forcing them to make further job cuts.

"Unless new orders start to pick up, we can expect yet more job cuts and company insolvencies in Wales.

"The Liberal Democrats have been leading the call for tax cuts for low and middle income earners in order to restore consumer spending and rejuvenate confidence in the Welsh economy."

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