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Sunday, August 14, 2022

Poorest Hit Hardest by Tory Recession

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The SNP has warned that only independence can bring about a fairer society in Scotland as a new report reveals that it will be the poorest who will be hit hardest again under the Tories as economic fears over ‘stagflation’ grow. 

The report from the National institute of Economic and Social Research (NIESR) warned of a “three-quarter technical recession” with an “increased possibility of a deeper recession.” 

The institute revealed that the recession could impact the savings of 2.5 million households, with one in five UK households having no savings at all by 2024, and that the poorest 10% will be worse off by a further 5%.

The party’s Shadow Work and Pensions spokesperson, Kirsty Blackman MP, said the UK is ‘sleepwalking into catastrophe’’, and called upon the Tory leadership candidates to offer up a package of support to help the most vulnerable through the cost of living crisis and looming recession. 

Commenting, Kirsty Blackman MP said: 

“While the two contenders for the next UK Prime Minister are busy bickering over personal ambitions the rest of the country is doing its best to bunker down for what looks set to be a brutal time for tens of millions. 

“The Tory-made cost of living crisis is already ravaging households and businesses who are receiving next to no support from the distracted Conservative government, now they’ll have to contend with what could escalate into a deep recession that will threaten jobs and obliterate savings. 

“The UK is sleepwalking into a catastrophe under the Tories who seem to have abandoned all their duties in government to prioritise a bitter leadership race. 

“So far we’ve heard nothing but the same old right wing, pro-austerity, rhetoric that has guided us into this mess from the two leadership contenders – it’s time they offer up real solutions if they want to be seen as suitable candidates for Prime Minister.  

“They could start by recognising that a doubling-down on the Tory austerity agenda is not the way out of recession, and by implementing a package of measures to support struggling households through this time including; increasing the energy grant for those who need it most, matching the Scottish Child Payment, bringing in a Real Living Wage, uprating some benefits as the Scottish Government has done, and reversing the cut to Universal Credit.

“Sadly all indications point to a grim situation where we’ll have a Thatcher-tribute act occupying Number 10 who has already made sweeping promises to cut jobs and investment in our public services. Independence is Scotland’s only escape route from this.”

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