WELSH FIRMS CUTTING JOBS FASTER THAN ANYWHERE ELSE IN UK

12.00.00am UTC (GMT +0000) Tue 12th Aug 2008

As the Government released figures showing that inflation has hit 4.4%, the Royal Bank of Scotland's released the latest Purchasing Managers Index Report for Wales showing that Welsh businesses are shedding jobs faster than any other region.

Commenting, Jenny Willott, Welsh Liberal Democrat MP for Cardiff Central, said:

"This report paints a gloomy picture for the Welsh economy.

"Welsh businesses are cutting jobs faster than any other region in the UK, new business continues to decline and output is falling at record levels.

"With inflation at twice target levels and the Welsh economy slowing at breakneck speed, we're heading for a hefty dose of stagflation, which is a very worrying outlook for Wales."