The Tory government’s economic mismanagement has left Scots £1,633 a year worse off, according to Labour analysis.
The research suggests Scotland’s economy would have been £8.5bn bigger had it grown since 2010 as it did under the last Labour government.
Scotland's Gross Domestic Product (GDP) in 1998 was £140,439bn. This was £27,776 per person.
GDP is the value of all finished goods and services made within a country during a specific period. It is widely used to measure the size and health of a country.
By 2010, after Labour had been in power for 13 years, it had risen by 19.6 per cent to £168,001bn. Per person it rose 15.4 per cent to £32,058.
But by 2022, after 12 years of Tory rule, GDP had only risen by 12.7 per cent to £192,492bn. Per person this went up by 9.3 per cent to £35,368.
Had the Scottish economy grown at the same rate between 2010 and 2022 as it had from 1998 to 2010, its GDP would have been £200,974bn.
This is £8.48bn bigger than the 2022 figure and would be £1,633 more per person.
The Conservatives implemented widespread spending cuts after they were elected in 2010 and said it was because the 2008 global financial crisis had weakened the country's economy.
Labour’s Shadow Business Secretary Jonathan Reynolds unveiled the new analysis ahead of a visit to a business in Rutherglen with Scottish Labour leader Anas Sarwar.
It comes as Labour unveils its plans to double the number of jobs in low carbon sectors. The party plans to do so by creating over 50,000 new jobs in Scotland’s clean power sector.
Labour has said that this would save Scottish households £8.4bn over the rest of this decade. The party says this is the equivalent of cutting £475 off bills for every family in Scotland every year to 2030.
Reynolds is expected to say during his visit to Rutherglen: “Labour will make Britain the fastest growing economy in the G7 working with Scottish businesses to unlock opportunity across the UK.
“Labour will always respect and value the unique position of Scottish firms while pooling our resources and talent as a United Kingdom to bring prosperity to communities across nations and regions.”
“I believe Labour’s plans represent the kind of change, hope and optimism that I know has been hard to come by in recent years.
“We will only achieve the kind of change and progress we all want to see by working in partnership with each other. Business and worker, Westminster and Holyrood, public and private. No one has a monopoly on great ideas and ambition for Scotland."
Reynolds and Sarwar are visiting South Lanarkshire ahead of a potential by-election in Rutherglen and Hamilton West.
The party are optimistic about winning the seat, as sitting MP Margaret Ferrier could face a recall petition for breaking Covid rules at the height of the pandemic.
The House of Commons standards committee recommended that Ferrier is given a 30-day suspension from parliament.
The suspension was expected to be confirmed in the House of Commons on May 25, but a vote was postponed by the Government amid allegations that allies of former Prime Minister Boris Johnson had teamed up with Ferrier to stop her from facing a by-election.
A Treasury spokesperson said:
“It is wrong to consider Scotland's GDP over these time periods in isolation, growth has slowed across all advanced economies during the same periods due to factors such as the 2008 financial crisis, a global pandemic and Putin’s energy crisis.
“Public spending per person in Scotland is higher than the rest of the UK, at £2,184 between 2021-2022; which combined with actions taken at this year’s Spring Budget; including significant energy bills support, a major tax cut for business and a major package to get people back into work – is delivering on the Chancellor’s plan to get the economy growing again.”
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