Another warning today for the UK and Scotland in particular of the danger of public spending cuts. The Irish Republic's economy shrank in the second quarter from the previous three months, surprising analysts who had been expecting growth. Gross domestic product (GDP) fell 1.2%, and growth in the first quarter has been revised down to 2.2% from 2.7%. Gross National Product (GNP) also fell by 0.3%.
The Irish have been doing for the past two years what the Con-Dem coalition is planning for the UK. The consequences are clear for all to see.
The Irish banking system is also in continuing difficulties. Again lessons for those who argue that separation is the best policy for Scotland. As the two main Scottish banks were at the heart of the banking crash, the much vaunted 'arc of prosperity' is looking pretty tarnished yet again. Lessons also for the UK Government that we cannot afford to slow up on regulatory reform of the financial system.
We will be putting some focus back on the 'Fat Cat' bankers next week during the ETUC Day of Action on 29 September.