TORY FAILURE HAS COST SCOTLAND £8.5 BILLION

By Lucy Ashton

New research from Labour has revealed the Tory government’s economic mismanagement has left Scots £1,633 a year worse off. That’s about £30 a week.

Scotland’s economy would have been £8.5 billion bigger had it grown as it did under the last Labour government since 2010, leaving Scottish residents £1,633 better off.

Labour’s Shadow Business Secretary Jonathan Reynolds, pictured above, unveiled this new analysis ahead of a visit to a business in Rutherglen with Scottish Labour leader Anas Sarwar, pictured right.

It comes as Labour unveils its plans to double the number of jobs in low carbon sectors by creating over 50,000 new jobs in Scotland’s clean power sector save Scottish households £8.4 billion over the rest of this decade – equivalent to cutting £475 off bills for every family in Scotland every year to 2030.

Labour’s Shadow Business Secretary Jonathan Reynolds said: “Labour will make Britain the fastest growing economy in the G7 working with Scottish businesses to unlock opportunity across the UK.

“Labour will always respect and value the unique position of Scottish firms while pooling our resources and talent as a United Kingdom to bring prosperity to communities across nations and regions.”

“I believe Labour’s plans represent the kind of change, hope and optimism that I know has been hard to come by in recent years.

“We will only achieve the kind of change and progress we all want to see by working in partnership with each other. Business and worker, Westminster and Holyrood, public and private. No one has a monopoly on great ideas and ambition for Scotland.”

Had the Scottish economy grown at the same rate from 2010-2022 as it had from 1998-2010, its GDP would have been £200,974 million – £8.48bn bigger. This equates to £1,633 more per capita.

Source: Scottish Government https://www.gov.scot/publications/gdp-quarterly-national-accounts-2022-q4/

NB: Figures adjusted to 2023 prices using GDP deflator

*earliest available date