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Insolvencies in Scotland are double the rate of the UK

It has been revealed that personal insolvency rates in Scotland are running at twice the level seen across the UK which would indicate significant problems ahead for the Scottish authorities. It has also been revealed that Scottish companies are also failing at a much higher rate than the average UK number which many believe perfectly illustrates the fundamental weakness of the Scottish economy.

Scotland has for many years depended upon the likes of defence, shipbuilding, financial services and to a greater extent, public services although these are areas of the UK economy which have undergone significant changes over the last decade. While there is still potential for the financial services sector and public services sector to recover in due course, there is no doubt that defence and shipbuilding has troubled years ahead. So what can the UK authorities do to improve the situation?

In the meantime it looks as though the Scottish economy is going to lag well behind the recovery in the UK, as and when this happens, and we could see a significant jump in personal insolvencies and company failures. This is doing nothing to help the SNP case for independence which has been put on the back burner for a moment but relations between London and Scotland need to improve, for the good of Scotland as a whole!

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