Scottish unemployment continues to rise
In line with the trend for the whole of the UK, unemployment in Scotland increased by 7,000 to 212,000 in the three to April 2010, but there are worrying signs for the immediate future. While unemployment in Scotland now stands at around 8%, which is just above the 7.9% figure for the UK as a whole, there are concerns that the Scottish economy is not well placed to benefit from the eventual upturn.
The SNP government recently revealed that planned budget cuts in Scotland will be shelved for 12 months in order to give the economy the best chance of recovery in the short-term. As a consequence, unless we see a significant improvement in not only the UK economy but the Scottish economy, we could be in for a very difficult time in the 2011/12 fiscal year. In simple terms, the decision to delay implementation of budget cuts until next year will effectively see two rounds of budget cuts introduced in the same 12 month period.
While talk of Scottish independence has fallen by the wayside over the last few months there is growing concern that the SNP is still looking to put together a referendum on the subject. Against this backdrop, and taking into account the economic difficulties at the moment, this is not the best scenario for businesses and business leaders to contemplate further investment in Scotland.
Share this..
Related stories
Who actually controls the UK economy?
Over the last two years we have seen the UK government introduced a number of measures to try and inject more life into the UK economy and indeed bring the country out of recession. Even though the indications are that the UK economy will leave recession in the final quarter of 2009, many people are puzzled as to why it has taken so long for these financial initiatives from the authorities to actu...
Read MoreUK economic recovery at “critical” stage
09/10/2014 The UK economic recovery is under threat from the potential of another Eurozone recession, chancellor George Osborne has warned. The chancellor said that the UK economy is at a “critical” stage in its recovery, and would be left vulnerable if the Eurozone suffers another financial crisis. Recent figures have suggested that the Eurozone economy is struggling at the moment, a...
Read MoreGlaxoSmithKline expects spike in swine flu vaccinations
Leading pharmaceutical group GlaxoSmithKline has today confirmed it has so far secured orders from 195 million doses of its new swine flu vaccine. This figure is expected to rise significantly over the coming weeks and months as governments around the world look to treat the worldwide population as soon as possible and stockpile vaccines for the future. The first doses of the swine flu vaccine wil...
Read MoreFSA issues plans for future banking liquidity
The Financial Services Authority (FSA) has today confirmed plans to change the way in which banking liquidity is considered by the UK regulator. Historically banks have been able to hold a large range of assets as liquidity against guarantees and money market transactions, although as we saw during the ongoing recession, many of these assets turned out to be significantly overvalued and many were...
Read MoreProblem debt has massive cost on UK economy
08/10/2014 Problem debt cost the UK £8.3 billion through the damages it causes to peoples lives, a leading debt charity has claimed. StepChange debt charity has said that due to the problem of debt damaging family life, mental and physical health, productivity and employment prospects it comes as a massive detriment to the UK economy through costs to the welfare state, the NHS, local governm...
Read More