Scotland’s Latest Unemployment Figures And Stimulus Plan
The latest unemployment figures demonstrate the compelling case for a continued economic stimulus package in the UK, Enterprise Minister Jim Mather said today.
Analysis by the International Monetary Fund indicates that among the G7 the UK is the only country to withdraw its fiscal stimulus measures in 2010. And across the G20 countries, the fiscal stimulus packages represent 1.6 per cent of GDP in 2010, while the position is zero in the UK.
The Enterprise Minister was commenting after the latest figures showed that, over the three month period to December 2009, ILO unemployment levels in Scotland increased by 10,000 with the ILO unemployment rate increasing to 7.6 per cent. The UK ILO unemployment rate was 7.8 per cent over the same period. Rates of employment and economic activity in Scotland remain better than the UK average.
Commenting on the figures, Mr Mather said:
“Today’s figures emphasise the importance of the Scottish Government’s Economic Recovery Plan, and the range of measures we are taking to support employment and economic activity in difficult circumstances.
“The figures also clearly demonstrate the compelling case for an economic stimulus package in the UK. Recovery is fragile at UK and Scottish levels, and now is not the time for the Westminster Government to turn off the tap of stimulus measures.
“Analysis by the International Monetary Fund shows that among the G7, the UK is the only country to withdraw its fiscal stimulus in 2010 – reducing from 1.6 per cent of GDP in 2009 to zero in 2010. Across the G20 countries, the fiscal stimulus packages represent, on average, 1.6 per cent of GDP in 2010.
“The increase in ILO unemployment is disappointing. However, we have seen significant positive jobs announcements this month – including the investment by Stena at Loch Ryan Port which will safeguard and create 1,400 jobs, and Ryanair’s new £8 million hangar at Prestwick Airport which will create 200 new jobs and deliver significant investment to Scotland’s economy.
“But clearly signs of recovery are fragile, and the Chancellor was wrong to ignore our earlier calls for further accelerated capital spending. The Treasury has another opportunity to bring forward an economic stimulus package in the UK Budget, which is needed to help create and sustain jobs, and support the strong recovery we all want to see.
“What we also need is stability in Scotland’s budget in 2010/11, which is why the First Minister has written to the Chancellor and shadow chancellors calling for no more cuts next year.
“It is absolutely crucial that we go on delivering investment to reinvigorate the economy and help people get back to work – that is why our budget invests in economic recovery and protects frontline services despite Westminster imposing the first cut in the resources available to the Scottish Government since devolution.”
The International Labour Organisation (ILO) measure of unemployment is a survey based estimate of the number of people out of work who are actively seeking a job and are available to start work.
The headline economic activity indicator measures the number of people of working age participating in the labour market. This is either by being in employment or by being unemployed, but actively seeking employment (as captured by the ILO definition of unemployment).
A comparison of fiscal stimulus packages was produced by the International Monetary Fund (IMF) in November 2009, in the State of the Public Finances Cross-Country Fiscal Monitor publication.
Topics: 2010, Britain, budget, economic activity, economic recovery plan, economic stimulus, Economy, employemnt, fiscal stimulus, G20, G7, Governance, government, Government of Scotland, Great Britain, ILO, IMF, International Monetary Fund, investment, job search, jobs, moniter, monitor, news, out of work, recovery, resources, Scotland, Scottish Government, stimulus, stimulus measures, U.K., UK, UK budget, UK ILO, unemployment, United Kingdom, Westminster Government, work
Print This Article in Plain Text
|
|
Latest Headlines
- Osama Bin Laden Dead?
- Florida To Share $1 Billion For Gulf Coast Restoration Efforts
- Texas Prays For Rain During Extreme Drought Conditions
- Governor Christie Takes Action To Reduce Diesel Emissions, Improve Air Quality
- Governor McDonnell Outlines Draft Transportation Improvement Program
- Alaska Energy Bill Passes Legislature
- Illinois State Building Receives ENERGY STAR Award
- Homeland Security Begins Using National Terrorism Advisory System
- U.S. Outlines New Health Insurance Options For Graduating College Students
- Electrolux Expands In North Carolina, To Create 200 Jobs In Charlotte
- Virginia Storm Victims To Receive Tax Extension
- U.S. Expands Broadband Investment For Rural Areas To Accelerate Job Creation
- U.S. To Invest $130 Million For Advanced Energy Research
- Michigan Passes “I’m Sorry” Bill
- Kentucky Sells Two State Aircraft To Save Taxpayer Dollars
