Welcoming the SNP Conference's support for a resolution on the need for real financial and fiscal powers to recover from recession the SNP’s Westminster Treasury spokesperson Stewart Hosie MP also said that independent figures from the OECD show that an Arc of Recovery neighbouring Scotland demolishes opposition claims that they have suffered worse than the UK in the recession with official figures showing that Iceland, Ireland and Norway will have surpluses or healthier deficits than the UK.

Commenting Mr Hosie said:

“This resolution gets to the very heart of what this Labour recession means – lost jobs, failing businesses and the social consequences which these problems bring.

“And in describing that Scotland is in a better shape to recover with lower unemployment, higher employment and lower inactivity rates – it also makes clear that Scotland has even of what it takes if we had all of the economic levers to recover from recession

“Like normal independent countries we need all of the economic levers to build on our advantage in natural resources, our starting point of a mature democracy and those independent institutions we already have - to be able to grow our economy and to deliver more opportunities for individual, business and national success.

“And the experience of our neighbouring countries shows how independence works. Every country has had to face the problems thrown up by the recession but the scaremongering of the London parties is being exposed.

“To bring us up to date, the OECD only last month reported that while the UK will have a massive $56 billion deficit next year (2.4%) of GDP, Ireland will have a surplus of $2.1 billion, Finland a surplus of $1 billion, Norway a surplus of $84 billion. Even much maligned Iceland will have a deficit at less than have the share of GDP of the UK 1.1% to the UK’s 2.4%.

“And every single one of these countries will have a balance of trade surplus while the UK will continue with $50 billion plus deficits.

“So much for the attacks on these countries by the London parties. Of course these countries were affected by the recession and the banking crisis – but they have shown the flexibility to turn things around.

“And so can Scotland – if it’s Government has the right tools so that we can be part of the Arc of Recovery.

“With all the powers we need, the SNP would never leave communities around our country scarred – or abandoned like Labour have from one recession to the next. We believe in prosperity with a purpose and our purpose is social justice.”

ENDS

Notes

1. The motion as passed is as follows:

Recovering from Recession

Conference condemns the policies of Gordon Brown and New Labour which have resulted in Scotland facing economic recession with all of the attendant job losses and failed businesses that this entails; and notes that many parts of Scotland have still to fully recover from the last two recessions and related industrial vandalism inflicted upon our country by the Tories in the 80s and 90s and that the legacies of those recessions - long term unemployment, crime and drug abuse - are still exacting a toll on many communities. Conference notes that since the 1980s it is easier to make workers redundant in Scotland than elsewhere in Europe and that successive Tory and New Labour governments have done nothing to end this disgrace.

Conference believes that Scotland is in better shape to recover from this recession than at any time in the past due to the policies of the SNP Government, but further believes that with the powers of a normal country our Government could do even more to ensure not only that Scotland recovers from this recession, but also to end the scandal of poverty and inequality which still scar many parts of our country.
 
2. In addition to the OECD figures the latest IMF estimates of gross domestic product based on purchasing-power-parity (PPP) per capita between the UK and Iceland, Ireland and Norway (Currency = Current international dollar), and which shows that Iceland, Ireland and Norway are richer per head than the UK and will remain so, can be read here.