Meeting of the Parliament 26 October 2022
Seven weeks ago, Liz Truss was ready to become Prime Minister. She was backed, overwhelmingly, by the Tory party membership, and who can forget the Scottish Tory party graphic that was shared by many of the Tory MSPs sitting just over there: “In Liz we Truss.” That went well, did it not?
The disastrous impact of the mini-budget cannot be overstated. The pound is at an all-time low, inflation is soaring, pension funds have had to be bailed out, future interest rate projections have trebled and mortgage offers have been withdrawn overnight. Faulty economics and a party that cannot promise an ounce of stability have sent mortgage rates through the roof and hard-working families deeper into poverty. The impact of Brexit on the cost of living crisis also cannot go unnoticed. Soaring prices and labour shortages are consequences of a decision that we in Scotland did not make.
The Resolution Foundation has estimated that there will be an £870 cost of living increase due to the currency fluctuations. Food costs have risen by 6 per cent. Ireland’s Economic and Social Research Institute reported that trade from the UK to the EU fell by 16 per cent in 2021. Peter Norris, the Virgin Group chair and co-convener of the Brexit monitoring group, the UK Trade and Business Commission, said that
“recovering lost trade with Europe should be a top priority”
as the country enters a recession.
This is a Labour debate. Unbelievably, Keir Starmer, in his own words, wants to “make Brexit work”. Brexit does not work and it will not work. There are no Brexit opportunities. I will give any Labour MSP who wants to stand up and give me one benefit of Brexit a chance to do so.
I did not think that anybody would stand up. Brexit impacts on the costs and the viability of businesses and, as we enter recession, it is adding to business worries.