There may be indications that England’s limping slowly out of recession, but in Scotland, the worries are apparently far from over. In the first three months of the year, there was a 25% rise in the number of people going bust compared with the previous quarter, according to figures from Accountant in Bankruptcy (AIB). That’s the biggest quarterly rise since 2008, when the recession began.
And there’s more gloom: the latest official figures show Scotland only narrowly avoided a double-dip recession this year. The Office for National Statistics revealed the Scottish economy grew by just 0.1% in the first quarter of the year, after a significant fall in the previous few months (a recession is defined as a fall in GDP over two consecutive quarters.) Compared to the 0.5% growth for the UK as a whole, it suggests the Scottish economy is languishing far behind… Och.