At least one in five Scots not working as fears grow over mass unemployment as furlough scheme ends

AT LEAST one in five Scots is currently either jobless or on furlough, leading to fears that Scotland is on the brink of mass unemployment and extreme poverty as the job retention scheme ends today. New figures reveal that the number of company insolvencies during lockdown has dramatically dropped – with firm propped up by government schemes.

Aberdeen hardest-hit city in UK as new figures show job vacancies down 75% – Evening Express

Aberdeen has seen the biggest fall in job vacancies in the whole of the UK in the past 12 months, according to a new study. Research by Centre for Cities and global job site Indeed analysed the economic impact that coronavirus restrictions have had in all cities and large towns across Scotland and England to date.

Opinion: Struan Stevenson: The SNP is bad for business

THE SNP Government is clueless when it comes to business. Their leftist ‘public sector good/private sector bad’ agenda and obsession with independence is undermining Scotland’s economy and costing jobs at a time when we desperately need to stimulate growth. The problem is easily uncovered; there is hardly a member of the SNP cabinet that has ever had any real business experience.

Businesses are going under as Nicola Sturgeon blames others for her Covid failings – Ian Murray MP

After being ordered to close with scant notice and then offered a pittance from the SNP government, yesterday they were told they have to remain shut for at least another week. The fact that this was trailed via leaks to national newspapers shows that the SNP treats firms with the same disdain as the Tories do across England.

Oil tycoon: SNP ‘adversarial and negative’ – Daily Business

Sir Ian Wood attacks indy plan Sir Ian Wood: ‘system isn’t working’ The SNP government is failing the people of Scotland by being adversarial and negative towards the Scottish and UK governments working together, according to one of the country’s top business figures.

Scotland’s fiscal deficit is already vast. The economic shock of independence would make it even worse – Murdo Fraser

Last week Nicola Sturgeon condemned Prime Minister Boris Johnson for preparing for a no-deal Brexit, claiming she had “suspended” her independence campaign because of Covid-19. This news will have come as a shock to observers of Scottish politics.

Hospitality crisis: Lord Haughey takes aim at government ministers over pub closure stance

EXCLUSIVE By Scott Wright LORD Willie Haughey, the high-profile Glasgow entrepreneur, has questioned why central belt pubs have been told to shut their doors while Scottish universities, which have seen major outbreaks of coronavirus, remain open. The Labour peer and owner of City Facilities Management Holdings acknowledged that dealing with Covid-19 is a “no-win situation” for Nicola Sturgeon and Boris Johnson.

Covid rules cripple country sports businesses

COUNTRY sports tourism businesses have hit out at the Scottish Government’s decision to impose a single household restriction on self-catering accommodation, as tens of thousands of pounds worth of cancellations have hit businesses.

Business leaders at pandemic breaking point with politicians

It would be easy and not entirely inaccurate to cast attempts so far to control the Covid-19 pandemic in the terms of a zero-sum game in which any gains made by saving people from the virus have been offset by losses to other health ills, as well as the cost to the economy, civil liberties and our collective sanity.

Scotland’s economy facing ‘winter of risk’ – Scottish Chambers of Commerce warning

Publishing its latest quarterly economic indicator, the Scottish Chambers of Commerce (SCC) said the outlook was looking “grim in all sectors”, particularly for businesses in retail and tourism. The bleak forecast comes despite signs of fragile confidence emerging in some areas of business over the summer.

Scottish Water bills set to soar to pay for £1bn improvements and climate pledge

SCOTS are set to see water bills soar above inflation for the next six years to pay for £1 billion of extra improvements to creaky Victorian infrastructure. The Water Industry Commission for Scotland (WICS) has admitted that “bills have to go up” by two per cent above inflation each year up to 2027in order to improve water systems across Scotland and meet climate change targets,.

‘ unreal’ – Scots celebrity chef considers the future while hitting out over Central Belt hospitality shutdown

SCOTS TV chef Nick Nairn has lashed out over the shutdown of large parts of the nation’s hospitality sector after revealing the coronavirus lockdown had already left his business on “life support”.

IFS thinktank warns of years of punishing tax rises to pay for Covid pandemic

EYE-WATERING tax rises may be needed to cover the massive cost of the Covid pandemic, a leading economic thinktank has warned. The Institute for Fiscal Studies (IFS) said a theoretical income tax rise of 6p or 7p for every £1 earned would be required to cover the predicted £50 billion to £60 billion of extra public spending over the next five or six years.

SNP hopeful says independent Scotland could ‘create money’ and avoid tax

A PROMINENT SNP Holyrood hopeful has been accused of peddling “fantasy economics” after arguing an independent Scotland could “literally create money” instead of levying taxes. Osama Bhutta, a former aide to Alex Salmond and the cousin of Justice Secretary Humza Yousaf, said the idea the state needed tax revenue to spend “isn’t correct”.

Scotland’s economy ‘at a crossroads’ amid fears of fresh Covid impact

Scotland’s economy faces taking a step backwards, according to today’s report The economy is experiencing a fragile recovery and is at a “crucial crossroads”, according to the researchers at the University of Strathclyde.

Scotland facing £309m finance blackhole despite rise in tax receipts

A shortfall in income tax receipts mean Scotland is facing a financial black hole, claims Scottish Labour. The latest report by HMRC on how much Scotland raised in income tax in the financial year 2018-19, found that revenues totalled £11,556m – rather than the £12,177 forecast by the Scottish Fiscal Commission.

Protest set for Glasgow today as fears mount over huge Scots council tax rises to fill ‘£1bn funding black hole’

UNION representatives are to mount a protest over cuts to jobs and services in Glasgow – as fears mount over huge council tax rises to fill Scotland’s funding black hole. The union Unite say the demonstration raises concerns over cuts of around £500m over the past decade that have meant job losses and service cuts while there are fears more are on the cards due to the Covid-19 pandemic.

Nicola Sturgeon humiliated: SNP’s currency plan ridiculed by top economist

var brightcoveBrandsafety = ‘2 Distressing news – passed for ad targeting’;Ahead of Scotland’s 2014 independence referendum, the Scottish National Party (SNP) tried to reassure voters by citing a resurgent economy, a relatively modest budget deficit and the prospect of free trade with both the UK and the EU.

Voters less likely to back independence if it means the pound is ditched

Voters are less likely to support Scottish independence if it means ditching the pound in favour of a new currency, polling suggests. The survey by Survation also found Scots have concerns over whether leaving the UK would mean the creation of a hard border with England.

Scottish economy shrank by a fifth during lockdown

SCOTLAND’S economy shrank by almost a fifth in the second quarter of the year as the coronavirus lockdown hammered businesses in all sectors. Official Scottish Government figures showed gross domestic product fell 19.4 per cent in real terms between April and June. UK-wide GDP contracted by 20.4% in the same quarter.

Scottish economy could be back to where it was ‘by end of 2021’

A study from KPMG predicted that, while Scottish growth would fall by 9.1 per cent in 2020, it is likely to rebound to almost the same level by the end of next year – if a vaccine is found. The report’s base scenario assumed a vaccine would be found in January and introduced widely by next April.

Oil price tumbles amid concern about resurgence in coronavirus cases

THE Brent crude price has fallen below $40 per barrel for the first time since June amid concerns the recovery in demand seen over the summer is fading. Brent crude sold for $39.74 per barrel in afternoon trading on Tuesday, down five per cent, $2.27/bbl, on the day.

UK economy grew 6.6 in July as coronavirus recovery continues

The Office for National Statistics (ONS) said the rate of the country’s financial recovery slowed down, and said GDP increased for the third consecutive month in July after lockdown restrictions eased further. They say it remained 11.7% below pre-virus levels. Figures showed that the economic rebound decelerated after the UK had reported 8.7% growth in June.

Sturgeon accused of misleading Scots over controversial trade bill

THE FIRST Minister has been accused of making “false claims” about the UK Government’s internal markets bill. The Secretary of State for Scotland, Alister Jack, has written to Nicola Sturgeon today challenging her about alleged misleading statements on the consequences of the bill.

Associate feature: Building affordable housing must be at the heart of Scotland’s recovery from COVID-19

While there are many lessons to take from the coronavirus crisis, one surely has to be that it has shown just how important our homes are. They are the places where we are living, working, and trying to keep ourselves and our families healthy.

Scotland’s economy ‘will suffer permanent damage due to Covid-19 crisis’

SCOTLAND’S economy will suffer “permanent” damage due to the coronavirus crisis, the Scottish Government’s official forecaster has warned. The independent Scottish Fiscal Commission (SFC) said GDP may not recover to pre-lockdown levels until 2023. But since the economy would have grown without the pandemic, this means GDP will still be lower than it would otherwise have been.

Those with romantic notions about Scottish independence need to face its massive cost to economy – Murdo Fraser MSP

The response to the Gers figures by pro-independence economist Andrew Wilson, seen with SNP’s Sustainable Growth Commission report, did not impress Murdo Fraser (Picture: Gordon Terris/The Herald/PA Wire) To deal with the facts first, the Gers figures showed that the Union is more valuable than ever to Scotland: worth nearly £2,000 in the past year for every man, woman and child here.

Labour unveils plan to ‘transform’ Scottish economy

About 130,000 jobs could be created by transforming Scotland’s economy in the wake of the coronavirus pandemic, according to Scottish Labour’s leader. Richard Leonard said a “Green new deal” was needed to tackle both the economic crisis and climate crisis. His proposals include building 12,000 council homes each year and investing £100m in new electric buses.

Brown: Stop the Sturgeon-Johnson Punch and Judy show and save Scots jobs

A JOBS disaster could be avoided in Autumn if the UK and Scottish governments form an alliance, former Prime Minister Gordon Brown has said. Speaking at the Edinburgh International Book Festival this evening, Mr Brown made the case for the two governments to come together to tackle the looming jobs crisis, and suggested plans for local furlough schemes.

We must focus on jobs, jobs, jobs – Miles Briggs

New Scottish Conservative party leader Douglas Ross has made economic recovery his top priority (Picture: John Devlin) It is no secret that local businesses have been hit hard by lockdown and social-distancing restrictions since March this year, and many have been struggling to stay open.

Duncan Bannatyne: I will never open another business in Scotland after Sturgeon’s ‘ridiculous’ gym delay

Their interventions came after she announced her latest review of her lockdown exit plan for Scotland, which will see bingo halls, casinos and funfairs reopen on Aug 24. Snooker and pool halls, bowling alleys and driving lessons can also resume on that date, but indoor gyms and swimming pools were only provided with an “indicative” date of Sept 14.

Output shrinks faster as Covid hits economy

SCOTLAND’S economy shrank by 2.5 per cent in the first three months of 2020, according to latest official statistics from the Scottish Government. But alternative ‘experimental’ official statistics – also from the Scottish Government – suggest Scottish output in May was down more than 22% from February, before the introduction of lockdown measures in March.

Business confidence picks up in Scotland but remains worst in UK – Evening Express

Confidence among Scottish firms has risen in July but remains the lowest across the UK nations. The Bank of Scotland’s latest Business Barometer found firms reporting the same level in confidence in their prospects month-on-month at minus 33%.

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