THE latest GERS figures provide “stark evidence” of the consequences of the UK Government’s mismanagement of the Scottish
And now, The Bottom Line’s report argues that the cost of living support - necessary because of inflation in the UK that was higher than in other advanced economies - and public sector debt increases cost £8.9 billion in 2022-23.”, its impact on inflation, more exposure to global oil and gas prices than other countries, and the decision to “index-link a much higher proportion of government debt than any other country”.
“Whilst that spending will have been welcomed by the households and businesses that benefited, it should not have been necessary.In March 2023, the UK had the highest inflation of the G7 countries when it hit 8.8%, caused by numerous factors, many of which are associated with Brexit and UK energy policy.The second change, the paper sets out, is the increased cost of debt interest, with the share allocated to Scotland in 2022-23 increasing by 68% compared to the previous year.
The Bottom Line argues that if these two “examples of UK economic mismanagement” were removed from GERS, Scottish current account deficit would fall from 6.4% of GDP to 2.2%.
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