Today the UK economy is weak and vulnerable to economic shocks. It sits in a precarious position, especially as the damage from Brexit won’t be felt till after the 2020 transition period. Right across the board the risk of recession and possibly even depression has never been greater in the UK since the 1970s when Scottish oil revenues saved the UK from requiring a bail-out. Every year since then, Scottish revenues have been underpinning the UK economy through paying the cost of UK debt that was not generated by Scotland’s economy rather than being reinvested in the nation and this continues to hold Scotland’s economy back.
But still, the myth that the powerful and large UK economy somehow protects Scotland is still maintained by Unionist politicians and in the mainstream media. The stark truth is that the UK economy is not strong enough to withstand the pressures of Brexit or any global economic slowdown without serious repercussions for society including significant spending cuts on essential services.
Brexit may be a case study on the Westminster Government’s incompetence but we must remember that the full economic impact of Brexit will not be felt till the end of the 2020 transition period which could still end in a ‘No-Deal’ Brexit if trade talks collapse.
Even before the full impact of Brexit has been felt, the UK is floundering, and we have seen that: READ MORE: https://www.businessforscotland.com/britains-broken-economy-is-holding-scotland-back/