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Scotland faces 'severe' recession
BlondeHeadOn
Posts: 2,277 Forumite
From the BBC, here:
http://news.bbc.co.uk/1/hi/scotland/7909802.stm
"Scotland can expect to lose 159,000 jobs over the three-year course of the recession, according to economists at Strathclyde University.
In its latest survey of the Scottish economy, the Fraser of Allander Institute said the downturn could be more severe than the 1980s recession.
It predicts a 2.6 % contraction this year and 1.2% in 2010, but said it will fare better than the rest of the UK.
Latest figures put the number of people out of work in Scotland at 137,000.
The survey from the Fraser of Allander Institute presents a much gloomier outlook than previous reports.
….
Worst case scenario
The survey predicted modest growth of 3,000 jobs in 2011 and 14,500 in 2012. The peak of unemployment would be in 2010, at 7.9%, up from last year's 5.1%.
The worse case scenario is for the job losses to continue into 2011, and the total to reach 192,000 fewer jobs. That would mean the unemployment rate peaking at 8.5%.
The report said the Scottish economy may not fare as badly as the rest of the UK, as it had less of a property bubble, a larger public sector and more welfare payments.
....
The UK Government's fiscal stimulus is viewed as "too little too late", and small when compared to the United States. It is argued that the case for temporary nationalisation of banks and the creation of a "bad bank" for toxic assets is growing stronger as the only means of unfreezing lending.
The Scottish Government's six-point economic plan is seen as having a "negligible" effect on counter-acting the recession. It is recommended more could be done to tackle the consequences of recession, including training and help with business start-ups.
Paul Brewer, of PriceWaterhouseCoopers, which sponsors the academic research, said: "Scottish businesses are undoubtedly in for a tougher, longer ride in the downturn than was previously thought, and they should be under no illusion now as to how suddenly their trading position could change in the current volatile and uncertain climate. "
http://news.bbc.co.uk/1/hi/scotland/7909802.stm
"Scotland can expect to lose 159,000 jobs over the three-year course of the recession, according to economists at Strathclyde University.
In its latest survey of the Scottish economy, the Fraser of Allander Institute said the downturn could be more severe than the 1980s recession.
It predicts a 2.6 % contraction this year and 1.2% in 2010, but said it will fare better than the rest of the UK.
Latest figures put the number of people out of work in Scotland at 137,000.
The survey from the Fraser of Allander Institute presents a much gloomier outlook than previous reports.
….
Worst case scenario
The survey predicted modest growth of 3,000 jobs in 2011 and 14,500 in 2012. The peak of unemployment would be in 2010, at 7.9%, up from last year's 5.1%.
The worse case scenario is for the job losses to continue into 2011, and the total to reach 192,000 fewer jobs. That would mean the unemployment rate peaking at 8.5%.
The report said the Scottish economy may not fare as badly as the rest of the UK, as it had less of a property bubble, a larger public sector and more welfare payments.
....
The UK Government's fiscal stimulus is viewed as "too little too late", and small when compared to the United States. It is argued that the case for temporary nationalisation of banks and the creation of a "bad bank" for toxic assets is growing stronger as the only means of unfreezing lending.
The Scottish Government's six-point economic plan is seen as having a "negligible" effect on counter-acting the recession. It is recommended more could be done to tackle the consequences of recession, including training and help with business start-ups.
Paul Brewer, of PriceWaterhouseCoopers, which sponsors the academic research, said: "Scottish businesses are undoubtedly in for a tougher, longer ride in the downturn than was previously thought, and they should be under no illusion now as to how suddenly their trading position could change in the current volatile and uncertain climate. "
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Comments
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Not so long ago, a few sages on here were claiming that Scottish house prices were on the up. Hmmmm........Krusty & Phil Madoff, 1990 - 2007:
"Buy now because house prices only ever go UP, UP, UP."0 -
There are 137,000 currently out of work in Scotland. There are 1.97m out of work around the country. This works out at 6.95%
However Scotland with 5.2m people out of a 60m population accounts for 8.67%
So no-one can say the Scots are workshy, we obviously have a lower unemployment rate than the rest of the UK
It was surprising you highlighted everything bar the most important part of that article
The report said the Scottish economy may not fare as badly as the rest of the UK,0 -
I don't suppose they'll be too keen on independence now. It's better to cling to mummy when things get tough.0
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At least if a helicopter drop of printed money is required they'll know who to turn to.0
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There are 137,000 currently out of work in Scotland. There are 1.97m out of work around the country. This works out at 6.95%
However Scotland with 5.2m people out of a 60m population accounts for 8.67%
So no-one can say the Scots are workshy, we obviously have a lower unemployment rate than the rest of the UK
It was surprising you highlighted everything bar the most important part of that article
Surely you know theses guys by now :rotfl:'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
ad44downey wrote: »Not so long ago, a few sages on here were claiming that Scottish house prices were on the up. Hmmmm........
Maybe they were when they said it :rolleyes:'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
I don't suppose they'll be too keen on independence now. It's better to cling to mummy when things get tough.
No way!!! They can take our jobs and house prices but they'll never take our Freedom!!:rotfl:Time is the best teacherShame it kills all the students
*******************************************************************************************0 -
There are 137,000 currently out of work in Scotland. There are 1.97m out of work around the country. This works out at 6.95%
However Scotland with 5.2m people out of a 60m population accounts for 8.67%
So no-one can say the Scots are workshy, we obviously have a lower unemployment rate than the rest of the UK
It was surprising you highlighted everything bar the most important part of that article
Actually, I didn't highlight any of the article at all - for some reason MSE put those highlights in for me! Not sure why, I haven't had that problem before - maybe this forum has its own strong feelings about the Scottish economy....
:rotfl: :rotfl: :rotfl:0 -
hamstercheeks wrote: »No way!!! They can take our jobs and house prices but they'll never take our Freedom!!:rotfl:
You forgot the oil
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
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