Economic recovery

The international financial crisis has become a global economic crisis. John McFall and the Treasury Select Committee he chairs have played a central role calling for the Government to take decisive action to protect the most vulnerable people during the downturn and stimulate an economic recovery.

Keeping employment, not cuts, at the top of the agenda

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John McFall calls for the Prime Minister to work with President Obama and ensure that employment is kept at the top of the G20's agenda © Parliamentary copyright See larger size video

John McFall has been an important voice in warning of the long term consequences of the financial crisis. Since the UK started its economic recovery, we have been faced with important decisions to make.

The debate on economic policy has been narrow at best. John McFall has argued that Conservative claims in favour of budget cuts do not consider the ‘human face’ of the crisis, and the economy that the young people of today will inherit.

The debate around the size of the national debt seems to ignore the problem of rising unemployment. Spending cuts would do nothing to reduce unemployment but are more likely to put even more people out of work. National debt would then be increased by an increase in claimants for the welfare system and a fall in tax revenue.

We must not allow young people to spend most of their working lives paying for this recession. An urgent response is needed, and the government must stimulate the economy. There should be greater provision of apprenticeships and university places to ensure that the economy benefits from a diverse and skilled workforce for years to come.
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On the subject of unemployment, John McFall recently urged Gordon Brown ensure unemployment is discussed with other world leaders at the G20 summit.
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John McFall says banks are not treating Scottish businesses fairly, and asks the Scottish Secretary to monitor them © Parliamentary copyright See larger size video

Fighting for businesses

Firms are finding it harder than ever to get access to credit in the current economic recovery. Research has shown that the majority of firms are finding it more difficult to get commercial loans or mortgages. Many small businesses now feel that banks are not treating them fairly.

Businesses are extremely important to our communities and John McFall has called attention to the fact that getting the banks to resume lending is the most important issue facing the economy.

Read more about what John McFall is doing to fight for businesses in the recession

Recognising the human face of the crisis

In this slow economic recovery it is important that we prioritise the issues that are most important, and ensure we maintain economic commitments to those that are struggling the most.

This is why John McFall believes that we must keep our commitments to ending child poverty. Nearly four million children in the UK are growing up in child poverty, and help for them is needed now more than ever. We must ensure that they are given opportunity to aim high in school and allow them good prospects for employment. Now more than ever people are exposed to poverty, which is why it is an important time to act.

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News

15th December 2009
Tough Choices
Article for the Dumbarton Reporter

26th April 2009
False debate over the national debt is distracting us from the human face of the crisis
Article for the Guardian

30th March 2009
G20 cannot afford to fall short
Article for the Guardian

23rd March 2009
The road to recovery
Article for the Guardian

21st January 2009
Let us have public ownership of Lloyds and RBS
Article for the Financial Times

9th January 2009
Britain needs a state bank
Article for the Guardian

21 Nov 2008
Banks should launch their loan lifeboats now