The Scottish economy isn’t working for working people, Labour said today, as new analysis reveals household savings have plummeted since the Tories came to power.

Labour analysis of household savings in Scotland reveals a 60 per cent drop in household savings since the Tories came to power in 2010.

In 2010, Scottish households on average had £3,840.41 in the bank, but by 2017 that had plummeted to £1,517.31 per household.

Labour said the figures revealed the broken economy under the Tories.

Labour Finance spokesperson James Kelly MSP said:  

“The Tories came to power promising a long term economic plan – but the impact of a disastrous near decade of austerity has been to shrink savings for families in Scotland.

“The Tories used to try and compare our complex economy to a household budget to justify their crusade to shrink the state – but instead all they managed to do was to shrink household budgets themselves.

“This is as a result of a cost of living crisis fuelled by stagnant wages and personal debt. All the while the incomes of the super wealthy have soared because of tax cuts at the top.

“Labour will make our economy work for the many, not just a privileged few by investing in our people communities and public services.”

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