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Bold actions need to recover incomes, says think tank

ECONOMIC stagnation since 2010 has cost people across Scotland more than £23,000 a year, a new report has found.

The Centre for Cities think tank looked at incomes across Britain and found that if growth had continued on the trend seen between 1998 and 2010, people would be on average £10,200 better off.

But the study concluded that the effects on income of the economic stagnation was even more pronounced in Scotland where the average loss was £23,370.

When broken down to cities, the people of Edinburgh took the smallest hit at £16,030, Glasgow citizens were around the Scottish average at £23,500, and Aberdeen fared worst, losing an average of £45,000 in a period which saw it lose around 9,000 jobs in the oil industry.

Launching the report, Centre for Cities’ Andrew Carter called for “bold actions” from political leaders to support growth in cities in the run up to the general election.

“Both the two main political parties have pledged to grow the economy and the general election debate will have growth at its heart,” he said.

“The challenge for the next government is to go beyond the rhetoric and to do what’s needed to make this rhetoric a reality.”

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