Scottish economy slowdown

Scottish economy slowdown

Scottish economy slowdown

Scottish GDP is currently trailing behind the rest of the UK, according to the latest figures released by the Scottish Government today.

The statistics show Scotland’s Gross Domestic Product (GDP) grew by 0.3 percent in real terms during the third quarter of 2018.

That rate compares to the 0.6 percent growth rate for the UK as a whole during the third quarter.

This follows last week’s forecast by the Scottish Fiscal Commission that Scotland’s growth will continue to lag behind the UK economy as a whole in the next four years, from 2019 up to 2013.

This follows the revelation that the SNP’s income tax receipts are forecast to drop nearly £500 million next year alone.

The Scottish Conservatives have said that the widening tax gap between Scotland and the rest of the UK will further harm the Scottish economy.

 

Dean Lockhart MSP, Scottish Conservative shadow economy secretary said;

“It’s quite clear that Scotland’s economy is trailing the rest of the UK, despite the fact that we are facing the same challenges at present.

“The SNP is far more concerned with raising taxes than energising the Scottish economy.

“It is no coincidence that the UK economy is performing better than the Scottish economy, given the widening tax gap.

“The shocking drop in forecast income tax revenue of £500 million and predictions for another four years of economic underperformance show that Scotland’s economy is facing an SNP downward spiral.

“This is yet another reason that the SNP must focus on a competitive tax regime for Scotland.”

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