Scotland's Economy

Response to OBR ‘no deal’ warning

July 18, 2019 by admin No Comments | Category Brexit, Business, Economy

Commenting on the warning from the Office of Budget Responsibility that a ‘no deal’ UK EU Exit could lead to a UK recession, Finance Secretary Derek Mackay said:

“The Office of Budget Responsibility confirms what the Scottish Government have been warning for months that a no deal Brexit has the potential to push the economy into recession, damaging business investment and household incomes. It must be ruled out immediately.

“The Scottish Government has been clear and consistent that the best option for the future wellbeing and prosperity of Scotland is to stay in the European Union. Otherwise we will see damage to our economy and the future prospects of the people of Scotland suffering.

“As a responsible government we are continuing to plan and prepare for all EU Exit possibilities, but we know that we will not be able to mitigate all of the impacts.

“The Scottish Government has a range of policies in place to support business and inclusive economic growth and the Scottish economy is strong.  We will continue to work with business to do what we can to mitigate yet further uncertainty over the UK’s EU exit.”

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