Motion S5M-09766: UK Economic Failure

09 Jan 2018

That the Parliament notes the OECD’s revised forecast of just 1.2% growth for the UK economy in 2018, which, it believes, is due to Brexit uncertainty; understands that the forecast comes from the OECD Economic Outlook, Volume 2017, Issue 2, which was published in December 2017; further understands that the new figure would put the UK joint last among the 35 member countries for growth, alongside Japan and behind Italy with its projection of 1.5% growth; welcomes the analysis carried out by the TUC, which reportedly shows that British workers are likely to see their earnings fall by 0.7% in 2018 due to a rise in the cost of importing as a result of a fall in the value of the pound; understands that the TUC analysis highlights that only Spain and Italy are also expected to have negative wage growth, though both would outperform the UK; considers that the UK economy as a whole has been hopelessly mismanaged by the UK Government; believes that there is wide consensus that this economic slowdown is due to uncertainty caused by Brexit, with even the IMF’s managing director reportedly citing it as the catalyst; further believes that any economic damage already done shows the danger that a badly handled process could have for the Scottish economy, and calls on the UK Government to adopt a policy of seeking membership of the European single market to minimise uncertainty and protect living standards from the damage that it considers a disastrous hard Brexit could cause.