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Scottish bankruptcies and insolvencies on the increase

It has been revealed that the trend in bankruptcies and insolvencies in Scotland is far more aggressive than that seen south of the border, which is concerning the Scottish Executive. While there is no one factor which is apparently causing such a rise in insolvencies and bankruptcies in Scotland there are concerns that the economy will recover significantly slower than the rest of the UK as and when the recovery finally materialises.

While a number of politicians are pointing the finger at the SNP and the ongoing spat with the UK Treasury regarding funding, it is more of a fundamental economic issue. As the Scottish economy is obviously smaller than England it depends on fewer industrial sectors to supply the vast majority of employment positions. It is these sectors which are showing signs of slowdown, including whiskey, building and construction, with fewer alternative employment positions available.

Those against independence for Scotland will obviously use the ongoing situation to highlight the fragile nature of the Scottish economy, while others will point to the fact that if Scotland was in charge of its own budget then we may not be in this position. Either way, while the politicians scrap with each other, the Scottish economy is struggling and jobs are being lost.

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