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UK Bottom of 21st Century League for Investment in North-west Europe - Independence & European Single Market Essential To Boost Business & Create Jobs
Analysis from the House of Commons Library of data from the International Monetary Fund on investment by national governments as a proportion of GDP further confirms that Scotland needs the full powers of independence and the European single market to increase business investment and create jobs according to Gordon MP Richard Thomson.
Figures show the UK is suffering from a long-term investment problem in comparison to its neighbours - which has only worsened since the 2016 Brexit referendum.
The data from the House of Commons Library shows the UK is "bottom of the league" for the 21st century amongst its neighbours for investment. On average between 2000 to 2021 the UK has been behind all thirteen neighbouring countries which includes Ireland, Norway, Sweden, Finland, Denmark, Belgium, the Netherlands, Iceland, Switzerland, Luxembourg, Austria, France and Germany.
The analysis, using data from the IMF, shows UK investment as a percentage of GDP was cumulatively 17.3% over the 21st century, nearly 10% lower than Ireland, which topped the league at 27.1%.
Commenting, Gordon MP Richard Thomson said:
"Under devolution Scotland has been insulated to an extent from the poor decisions of the Westminster government with Scotland being the second-best place in the UK for inward investment after London. However, overall the UK is bottom of the league for investment amongst its neighbours - with the weakest levels of any country in North-west Europe for the 21st century.
“Add to this the rolling crisis that is Brexit and a dysfunctional Westminster government and it means the UK investment problem has slowed economic growth, held businesses back, and cost us new jobs.
"Under Westminster control, investment is stagnating. Scotland needs the full powers of independence and re-entry to the largest single market in the world to boost our economy and create jobs. Having these powers at our disposal – instead of letting Westminster ultimately decide – is essential if we are to build a strong, fair and equal recovery, and achieve the higher levels of success of our European neighbours.
"Without control of our own affairs, the long-term damage of Tory austerity cuts, Brexit and Westminster mismanagement will continue to harm Scotland's economy.”
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