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Sunday, February 25, 2024

UK’s Stagnating Economy Slipping Further and Further Behind EU

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The UK’s stagnating economy has continued to slip further and further behind that of the EU and its member states, the SNP has warned, showing why independence is necessary for Scotland.

It comes as the Office for National Statistics confirmed earlier today that the UK economy shrank by 0.1% in May, continuing a trend of zero to little growth in the economy since before the pandemic. 

In comparison, the EU’s economy is expected to grow faster than previously thought this year and next, with an average growth for member states of 1.0% in 2023, and 1.7% in 2024.

Commenting, the SNP’s Economy spokesperson, Stewart Hosie MP said:

“The UK’s stagnating economy has continued to slip further and further behind that of the EU’s, as a direct result of the damaging Brexit supported by both Labour and the Tories.

“While EU nations have enjoyed a steady bounce-back from the pandemic, the UK’s economy has barely moved in four years, with the consequences being passed on to ordinary people.

“Far from showing any signs of promise under Westminster Tory rule, the economy has been brought to the brink of collapse, all while a cost of living crisis rages and sends inflation, energy prices, and mortgage rates through the roof.

“Scotland has been made to suffer from the effects of a failed Brexit project it voted overwhelmingly against, heralded in by Tory governments it didn’t elect.

“Westminster is not working for Scotland, and the proof of a failing economy has shown why a return to the EU with the full powers of independence is so necessary for Scotland.”

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