By Bill Heaney
SNP and Tory economic failure has “torched a hole” in public and household finances, Scottish Labour has said.
A slew of dire economic statistics have been published this month laying bare the scale of the crisis in Scotland’s economy.
Across the UK Tory economic mismanagement is wreaking havoc, with economic growth stalling, real wages falling, and living costs soaring.
A recent IMF report showed the UK’s economy falling behind other countries, with the IMF predicting that overall advanced economies will grow more than three times faster than the UK.
However, Scottish Labour has warned that Scotland is being hit even harder by this crisis due to the added incompetence of the SNP.
Latest figures show that in the three months to May 2023 the UK’s GDP flat-lined – but Scotland’s fell by an estimated 0.4 per cent.
Employment in Scotland is also faring even worse than the UK average, with employment falling to 75.1 per cent in Scotland while it flat-lines at 76.0 per cent across the UK.
Similarly, economic inactivity in Scotland has climbed to 22.3 per cent, while across the UK this number fell slightly to 20.8 per cent.
Labour has pledged to secure the highest growth in the G7 as part of its economic mission, delivering good jobs and productivity growth in every part of the country in order to make everyone better off.
Scottish Labour Economy spokesperson Daniel Johnson, left, said “The Tories have caused economic carnage in the UK, delivering low wages, low growth and soaring prices – but Scotland is being failed twice over thanks to the SNP.
“Scots are dealing with not one but two economically illiterate governments, who together have torched a hole in public finances and household budgets alike.
“The SNP and the Tories differ on rhetoric, but their record is the same – and it is one of failure.
“Only Labour has a real plan to end years of decline under these two dysfunctional governments, secure the fastest growth in the G7 and boost stagnating wages.”