THE UK is on course to experience “five years of lost economic growth”, according to a new report.
Research from the National Institute of Economic and Social Research (NIESR) found that while the UK is predicted to steer clear of recession in 2023, GDP is predicted to grow by barely 0.4% this year and a paltry 0.3% in 2024.
Indeed, the report notes that there are “even chances that GDP growth will contract by the end of 2023 and a roughly 60% chance of a recession at the end of 2024”.
Inflation is also expected to remain continually above target until 2025, with stagnant productivity and low economic growth increasing instances of destitution amongst the poorest in society.
NIESR said the triple shocks of Brexit, Covid-19 and the war in Ukraine have badly hit the UK economy.
The SNP’s economy spokesperson at Westminster, Stewart Hosie, said the report highlighted the need for Scotland to rejoin the EU as an independent country.
"Brexit has been a disaster for Scotland,” he said.
“It has cost us billions of pounds, caused long-term damage to economic growth and hit families in the pocket, as the cost of living in the UK soars.
"The SNP is the only party offering an escape from Brexit and a route back to EU prosperity with independence. Securing independence, and regaining Scotland's place in the EU, is key to boosting our economy.
"The Tories and pro-Brexit Labour Party are part of the problem. Sunak and Starmer are taking the UK on a path to long-term decline, low economic growth and permanently higher living costs by imposing Brexit against Scotland's will.
"At the next election, voting SNP is the only way to secure independence, escape Westminster control and build a stronger, wealthier economy at the heart of Europe."
It comes as Stephen Flynn MP warned Brexit is a leading cause of the UK cost of living crisis, ahead of a campaign visit to Rutherglen and Hamilton West.
The party’s Westminster leader said Keir Starmer has “sold Scotland out” by supporting a Tory hard Brexit.
