Crunch 'could end in months'
THE recession could be over in a matter of months, according to Wales Secretary Paul Murphy — and Swansea would be well placed to capitalise.
Mr Murphy made the prediction following a visit to the city this week.
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He was here on a fact- finding mission, visiting small business in Swansea to find out how they were dealing with the recession.
In an exclusive interview with the Evening Post, Mr Murphy said he agreed with Prime Minister Gordon Brown's assessment that the UK could be helped out of the recession "in the next few months" if an economic deal could be struck at the G20 summit in April.
The Prime Minister has identified the meeting with world leaders as key to economic recovery, and has called for lower world interest rates and increased public spending.
"I think he's absolutely right," said Mr Murphy.
"I do think if you can tackle the issue of the global recession internationally, it can be over more quickly."
And, according to Mr Murphy, Wales's second city will be in a great position to take advantage of any green shoots of recovery.
He said he was buoyed by what he had seen during his visit, and that companies looking to create new jobs could do worse than base themselves here.
"The city has a very skilled, experienced and dedicated workforce in a variety of industries and businesses," he said.
"Universities and colleges are working together to train people up. And we already have the infrastructure and the people.
"It's a very agreeable and pleasant part of the world," he added.
"Because it's got that structure and workforce, I think Swansea's got everything going for it.
"The city has changed completely — and it is used to change — and because it's had this experience, it is able to get through this global recession and come out the other side stronger."
SO, Wales Secretary Paul Murphy reckons the recession could be over in a matter of months. It would be good news, if it was even remotely likely.
But talk about putting a positive spin on things! Speak to the average manufacturing worker in South West Wales, desperately clinging onto their job by their fingernails, or one of the hundreds of families still worried about paying their bills, and they might tell you something a little different.
So too, the men and women now lining up outside our local job centres in what just about all the experts are predicting will be a long and deep economic crisis.
Undoubtedly, the UK is facing the worst recession since the early 1990s, when the jobless total hit more than three million, compared to a low of 1.2 million in 2000.
Not all of this is the Government’s fault, of course, but sometimes its response to the crisis doesn’t exactly inspire confidence. Every day, new schemes are announced running up more debts for the next generation. But there seems too little tangible evidence of any effect so far.
So no, Mr Murphy. Much as we wish it were true, ministers must stop worrying about tomorrow’s headlines, and work out a cost-effective, long-term solution to our still unresolved crisis.
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by James Sheridan, Swansea
Saturday, February 21 2009, 3:54PM
“Paul Murphy and Gordon Brown, who both reckon the recession will end in months, following G20 summit in April, probably also thinks that in the same month as the G20 Summit, Shergar will win the Grand National, be ridden by Elvis Presley and be trained by Ken Dodd!
Jim Sheridan”
by Galavanto, Swansea
Saturday, February 21 2009, 11:41AM
“Thank God! At last a saviour has come!... Paul Murphy must know something that the rest of mankind does not....Please tell us more Prophet Paul.... we beseech thee....Amen”
by Maritime strategist, Marina
Saturday, February 21 2009, 10:08AM
“The silly remarks from Hugh exemplify a naive and hidebound picture of Wales in the wider world.The ascent of money and the reckless construction of Derivative markets have toppled the Financial system to crisis.The idea that PAUL MURPHY,DAVE CAMERON,VINCE CABLE and uncle TOM Hobbley and all have any political purchase on the flow of capital is rather like saying Swanse Council can afford a £521 million pound TRAM system,however desirable it might be.When it can hardly afford to fix a pothole in Penllergaer and has reached it's borrowing limit.
Paul Murphy needed to be an optimist in Northern Ireland .The recent summit in Sophia Gardens shows that RHODRI -Labour in conjunction with Plaid are presenting policies for Wales that will see us out to the Bright sunlit Uplands of recovery and even might see the Tories and Lib DEM opposition even more reduced to the noises off rump that they represent in the Assembly after the last election.
Time to talk up Swansea and Wales and leave the doom-mongering to the Birds ,as Alfred Hitchcock so expertly did!,the band was good too!”
by hugh, marina
Saturday, February 21 2009, 12:57AM
“As new labour has proved itself as incapable as the old sleazy tories in managing, or mismanaging capitalism, isnt it abouit time we did a bit of 'blue sky thinking' as a society, and tried to create a world where we looked ourt for and cared for each other and didn't screw up the planet for future generations.”
by Marcus, kenfig hill
Friday, February 20 2009, 11:42PM
“How much do we pay this joker a year???”
by Steve Davies, Llanelli
Friday, February 20 2009, 11:12PM
“Yet more Labour spin - when will this Government realise it has made a complete mess of things. Mr Murphy and his party will ultimately be responsible for the loss of thousands of jobs and the devestation of manufacturing in Wales. Their failure to regulate the UK Finance industry properly and to ensure adequate funding was retained for a 'rainy day' will impact us for many days & years to come. I hope this Labour Government hangs its head in shame...”
by Ade, Morriston
Friday, February 20 2009, 10:40PM
“Yet more nonsence from another mis-guided fool. Live in the real world you overpaid under realistic waste of space and money”
by Rhys, Swansea
Friday, February 20 2009, 9:20PM
“Wow!! The Wales Secretary has the commercial knowledge of a Baked Bean.
If he can give me a valid reason as to how we'll all start spending money and banks start lending in a few months, I will eat my words!”
by Nick, swansea
Friday, February 20 2009, 7:46PM
“Sounds like Mr murphy is saying what his boss wants him to say, well he is a politician and aswe know ,dont believe anything they say and only half of what you see, Question to Mr Murphy, if we are not out of this credit crunch in a few months will you resign, because that would show one and all that you dont know what your talking about ?”
by Marcus, wales
Friday, February 20 2009, 6:52PM
“What a joke and it's nowhere near April 1st yet!!!! When you have people like this in charge what hope have we got??? NO HOPE.”