“It’s now official, the UK economy is in recession, further highlighting the incompetence of Tory economic policies,” said Natalie Don MSP.

A recession occurs when a countries economic growth is in reverse. This follows the recent 40-year high inflation rate which has seen mortgages, food and energy prices rising rapidly. Although inflation has now fallen, food and energy prices are still rising – but only at a slower rate than before – putting more pressure on hard pressed households during this ongoing Tory Cost of Living Crisis.

Some analysts such as Professor Richard Murphy have highlighted that the Tory economic policies of austerity, tax cuts and high interest rates have promoted everything that creates a recession.

UK’s recession highlights Tory Economic Failure

Scotland’s potential is wasted by the Westminster parties and their flawed economic policies. We need to grow our economy to create a greener, wealthier and fairer economy for our future but that can only come with Independence.

Natalie Don MSP added:

“It is clear that the Tories are incompetent when it comes to delivering economic growth and a strong economy. Along with the disaster of Brexit, all their policies have enriched their supporters – such as the lifting of the cap of bankers’ bonuses and the VIP lane for dodgy Covid contracts – to the detriment of everyone else.

“The Tory UK Government had boasted about growing the UK economy but instead they introduced policies such as tax cuts, austerity and high interest rates which helped to deliver this recession.

“It is also clear that the Labour Party under Sir Keir Starmer are also planning to follow Tory economic policies – having recently ditched their £28billion plan to boost the green economy and agreeing to lifting the cap on bankers’ bonuses.

“Scotland’s potential is wasted by the Westminster parties and their flawed economic policies. We need to grow our economy to create a greener, wealthier and fairer economy for our future but that can only come with Independence.”