8 April 2020

The Fraser of Allander Institute has estimated that if lockdown measures continue for a three-month period, there could be a 20-25 per cent contraction in Scottish GDP.

The new report highlights that if the restrictions continue over a three-month period, and based upon the split of current activity, there could be a contraction in the construction industry of as much as 40-50 per cent, and 15-20 per cent in the services sector.

Shadow Scottish Secretary Ian Murray MP said: “This report demonstrates the devastating impact the coronavirus outbreak could have on Scotland’s economy.

“Labour will act in the national interest and support the UK and Scottish governments where that is the right thing to do and provide constructive scrutiny when needed.

“That’s why Labour’s top priority is to help workers and businesses affected by the lockdown, and Richard Leonard has written to the Chancellor to urge the UK Government to strengthen its job retention scheme, particularly for new employees.

“But we also have to plan for the long-term economic recovery - which will take years.

“We will get through this, and when we do we can’t go back to the same divisive politics of old.

“When the virus is beaten, the economic damage will remain - and we must work together to prioritise people’s jobs and livelihoods.”
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