A ‘Scotland-specific shock’ was forecast back in January triggering additional budget flexibilities for the Scottish Government over the next few years. This article considers whether the shock still holds up in light of the new OBR forecasts for the UK economy.
Yesterday’s budget confirmed that the £20 a week increase in Universal Credit is being extended until the end of September 2021. But is this too soon to be taking away support from low income households?
The latest GDP data for Scotland shows that the Scottish economy continued to contract into December with a decline of 0.3%. The Scottish economy remains 7.2% below pre-pandemic levels; this compares to 6.3% in the UK economy.
The UK has one of the highest levels of regional income inequality across developed countries. The Johnson government proposes to tackle this with a leveling up agenda. But where does Scotland fit into this picture? We show that the answer to this question depends on the type of regions we compare. As a whole, Scotland has income levels close to the UK average but looking closer we find a more nuanced picture.
Emma Congreve is joined by Mairi Spowage to give an update on what the latest Scottish Business Monitor and ONS GDP statistics tell us about how the economy is fairing. They also discuss some of the findings from the Social Care Support for Adults report published last week by the FAI.
As the national lockdown remains across Scotland and the UK, and we approach the one-year anniversary of the first COVID-19 case in Scotland, the story amongst the sectors of the economy continues to emerge.
This week we published our latest Scottish Business Monitor in partnership with Addleshaw Goddard. You can read the latest Scottish Business Monitor here. Scottish businesses remain optimistic despite uncertainty.
The Scottish Fiscal Commission’s forecasts accompanying the Scottish Budget last week triggered the conditions for a ‘Scotland specific economic shock’. As a result, additional budgetary flexibilities for the Scottish Government are unlocked.
This article looks at how this year’s Budget squared up to the challenge of tackling poverty in Scotland. Whilst efforts are being made, opportunities were missed.
Scotland, like the rest of the UK, remains under a national lockdown with over half of Scottish businesses with furloughed staff and a rise in businesses expecting to make staff redundant in the coming weeks.
