Cameron Fails on Promise to Re-Balance Economy of UK Away from London

WESTMINSTER FAILURES HOLDING SCOTLAND BACKAS LONDON SUCKS IN MORE WEALTH
New research has shown the Tories’ “abject failure” to rebalance the UK economy– making the case for full economic powers to be in Scotland’s hands rather than Westminster’s, to build on the Scottish Government’s strong record on the economy with currently devolved powers.

New data from the Scottish Parliament Information Centre (SPICe) shows that Scotland’s proportion of the UK’s Gross Value Added (GVA) stands at 7.9 per cent excluding oil production – at exactly the same level as it was in 2008. This is despite David Cameron promising that he would “rebalance” the UK economy.

In his first major speech as Prime Minister (28th May 2010), David Cameron said: “We will help to rebalance our economy, ensuring that success and prosperity are spread more evenly across regions and industries.”

In contrast, London’s share of the UK’s GVA has grown by 2 per cent – while other regions in England such as the North East and Yorkshire and The Humber have remained static. The GVA figures in Scotland have remained static despite the Scottish Government’s strong record on investment and jobs – which sees employment in Scotland outperforming the rest of the UK and standing at a record high.

Commenting, SNP MSP Kenneth Gibson said:

“These figures show David Cameron has completely and utterly failed on his promise to spread prosperity evenly across regions and nations of the UK. In fact, London has become even more dominant since the Tories came to power – sucking in even more of the UK’s wealth and investment while other regions are left to stagnate.

“This is damning new evidence of the extent of the Tory government’s abject failure to rebalance the UK economy – and shows that the Westminster establishment will always prioritise jobs and investment in London rather than in Scotland.

“This is despite the hard work of the Scottish Government – whose stewardship of the currently devolved economic powers is delivering real results – boosting small businesses, securing investment and supporting employment which now stands at a record high.

“Unfortunately for people in Scotland, Westminster’s obsession with London and South East England means Scotland is operating with one hand tied behind its back – which is why full economic powers should be in the hands of a Scottish Government committed to growth and jobs, rather than in the hands of George Osborne and David Cameron.

“A strong team of SNP MPs elected in May will be a strong voice for an alternative to austerity and real powers over employment and the economy – these powers are essential to build on the Scottish Government’s record and make our country a fairer and more prosperous place for everyone who lives here.”