Unemployment Rate In Scotland From 2nd Quarter 1992 To 2nd Quarter 2023

24th December 2023

The economy has been heading for recession for a long time since the pandemic but some how has saved off the evil day. However recent reports indicate the growth has almost stopped and tax increases by Scottish Government and freezing of personal allowances will not help spending by everyone.

The combination of fiscal drag compliments of Westminster and nudging up the tax rates in Scotland seem bound to be part of the road to recession.

The reduction National Insurance contributions is small compared to the results of fiscal drag on people's income. The freeze on personal allowances to last until 2027 as it stands right now will add to the burden.

But let's not forget the Bank of England pushing up interest rates adding to costs for anyone with a mortgage, bank loan or credit card debts.

Who can forget about energy costs that have risen higher and higher and with much less help available to households everyone is seeing there monthly outgoings rise.

Less disposable income will lead to people going out less and making things last longer. Many prices have risen including fuels cars, insurances etc etc.

Scotland's unemployment rate in the three months to March 2023 was 3.1 percent, compared with three percent in the previous month. During this time period, Scotland's unemployment rate was at its highest during the winter of 1992/93 when it reached 10.8 percent.