Holyrood’s Finance and Public Administration Committee were told today how the last three Tory Governments have cost taxpayers more than £40 billion in extra debt in just six months - £600 for every man, woman and child in the UK.
Evidence form Office for Budget Responsibility (OBR) chair Richard Hughes stated that:
“The past six months have witnessed a series of dramatic swings in policy with five major fiscal statements delivered by three consecutive governments,” adding that “taken together, and including their indirect effects via the economy, the net impact of the announcements and reversals has been to add over £40 billion of borrowing by 2027-28.”
Commenting, Finance Convener Kenneth Gibson MSP added:
“These eye-watering figures are a damning indictment of the chronic mismanagement of the Tories governments and the OBR says worse us to come, predicting a 7% fall in living standards over the next two years.
“Following on from a previous decade of austerity, saddling taxpayers with more than £40 billion extra debt is outrageous enough. Now households across Scotland face paying for Westminster mismanagement for years to come with even more Tory austerity.
“The only way to protect Scotland is through independence.
“Brexit is crippling our economy. While Ireland’s economy is expected to grow by 5.4% next year, the UK’s will shrink by 0.8%.
“Labour is now a pro-Brexit party with a pro-Brexit leader completely at one with the Tories when it comes to ignoring Scotland’s vote to remain in the EU.
“With independence, we can build a genuine partnership of equals with other nations across these islands while allowing us to escape the failing UK economic model and build a fairer, more prosperous and sustainable Scotland.”