Friday, 09 August 2019 11:18

TORY BREXIT PLANS PUSHES UK TO THE BRINK OF RECESSION

NEW FIGURES REVEAL WORST PERFORMANCE FOR THE ECONOMY FOR NEARLY SEVEN YEARS

The SNP has warned that Scotland and the UK are “teetering on the brink” of recession as new GDP figures revealed the economy’s worst performance in nearly seven years as a result of the continued Tory Brexit chaos.

Statistics published today by the Office for National Statistics (ONS) found that the economy shrank by 0.2% in the second quarter, leaving the UK just one more negative quarter away from falling into a recession.

Earlier this week, revised GDP figures published in Scotland for the first quarter of 2019 found that Scotland's economy was growing faster than the rest of the UK - highlighting that the strengths of Scotland’s economy are now being undermined by Brexit.

Last month the OBR stated that a no-deal exit from the EU could lead to a plunge in the value of the pound, leave a £30bn black hole in the public finances and push Scotland and the UK into recession.

The SNP has consistently warned that any form of Brexit will be devastating for the economy, jobs and people's living standards. 

Commenting, the SNP’s Economy spokesperson Kirsty Blackman MP said:

“The ONS figures showing the economy has shrank and suffered its worst performance in nearly seven years has left Scotland and the UK teetering on the brink of a catastrophic recession. This must serve as an urgent wake-up call for a Tory government that is gambling with businesses, jobs and people's livelihoods as we hurtle towards the October deadline.

“Rather than railroading ahead with his damaging Brexit plans and scheming on ways to bypass Parliament and democracy to inflict such an outcome, the Tory Prime Minister must instead heed the economic warnings and return to reality before it is too late.

“Earlier this week, revised GDP figures published in Scotland for the first quarter of 2019 showed that Scotland was outperforming the UK's economy - highlighting that the strengths of Scotland’s economy are now being undermined by Brexit.

"Boris Johnson's plans to impose a catastrophic Brexit will only make things worse, not better – dragging Scotland and the UK over the edge and into a recession, which will destroy jobs, squeeze wages, and drive down people’s living standards. 

“That is a price that businesses, families and industries in Scotland must not pay.

"We already know that there is no such thing as a good Brexit. In Scotland alone, 100,000 jobs will be lost and GDP will be reduced by £2,300 per person adding pressure to household budgets and our public services.

“All the evidence points to the economic madness of Brexit.

“People in Scotland deserve the choice of a better future than the bleak Brexit Britain being imposed on us. It's clearer than ever that the only way to properly protect Scotland's interests is by becoming an equal and independent European country.”


Scotland GDP stats: https://www.gov.scot/news/gdp-and-quarterly-national-accounts-for-2019-quarter-1/

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