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Record Number Of Scots Go Bust As Economy Continues To Shrink

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Record number of Scots go bust as economy continues to shrink

Record numbers of Scots are going bust as the economy continues to shrink, official figures have revealed.

The Accountant in Bankruptcy has published figures showing that 6,294 people were declared insolvent in the last three months, a 33 per cent increase on the same period in 2008.

More than 3,700 of these cases were bankruptcies, a 31 per cent rise year-on-year, while there was also an increase in the number of Scots forced to enter a credit plan where trustees manage their assets.

Meanwhile, it was also revealed on Wednesday that Scotland's economy shrank by 2.4 per cent in the first quarter of 2009. It was the third successive quarterly fall in Scotland's gross domestic product (GDP). The year-on-year decrease was 1.2 per cent.

Despite the drop being almost identical to that experience by the UK as a whole, SNP ministers insisted their plans to stimulate economic recovery were working.

The Accountant in Bankruptcy, which supervises all personal insolvencies in Scotland, reported 3,730 bankruptcies in the first quarter of 2009/10.

This is about the same as the total for the previous three months, but a significant increase on the same period in 2008 thanks to the introduction of Low Income, Low Asset (LILA) rules. These allow the poorest Scots to declare themselves bankrupt at a cost of £100, and 2,394 of the new bankruptcy cases used this procedure.

A further 2,564 Scots entered a Protected Trust Deed, whereby a trustee manages their assets. This is an increase of 30 per cent on the previous quarter and 36 per cent more than the same period last year.

The Accountant in Bankruptcy also reported that 219 Scottish companies entered liquidation or receivership April and June, at the rate of more than two per day.

This was reflected in the new GDP figures, which showed output in Scotland's service sector fell by 1.5 per cent in the first quarter of 2009 but the production sector fell by 5.1 per cent and the construction sector by 6.6 per cent.

In the service sector, financial services and real estate output fell by more than four per cent each but public administration, health and education all grew by nearly one per cent.

Jeremy Purvis, Scottish Liberal Democrat finance spokesman, said: "The figures also show that the SNP Government's so-called programme of recovery has had absolutely no positive impact on any of the GDP figures."

A series of recent opinion polls suggest that the public overwhelmingly supports cutting public spending to help tackle the UK's huge debt levels.

But Jim Mather, the SNP enterprise minister, attacked Treasury plans to force the Scottish Executive to make £500million of efficiency savings, claiming that spending should instead continue to increase.

Dr Lesley Sawers, chief executive of the Scottish Council for Development and Industry, described the GDP drop as "disappointing but certainly not unexpected".

A CBI Scotland spokesman added: "It is obviously disappointing but our own surveys suggest the worst of the recession may well be over."

It's worse because Scotland depends on the English majority taxpayer to keep the social welfare state and public sector workforce afloat; with a huge cut from the budget for 2010 on its way.

Outside of banking and the public sector, just what keeps Scotland afloat? I live up here and can't really see what supports Glasgow or the whole West coast for that matter....subsidy?

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Guest skullingtonjoe
Jockland is ******ed.

Shame Andy Murray didn`t win - Scotland would be caning it in now (via royalties on the `Andy Murreeee` song, Andy Murray t-shirts, Andy Murray car stickers, traditional Andy Murray whisky, oatcakes, honey etc etc).

Still, that`s what happens when you back a loser! :unsure::rolleyes:

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Record number of Scots go bust as economy continues to shrink

It's worse because Scotland depends on the English majority taxpayer to keep the social welfare state and public sector workforce afloat; with a huge cut from the budget for 2010 on its way.

Outside of banking and the public sector, just what keeps Scotland afloat? I live up here and can't really see what supports Glasgow or the whole West coast for that matter....subsidy?

What do you do?

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Guest anorthosite
Outside of banking and the public sector, just what keeps Scotland afloat? I live up here and can't really see what supports Glasgow or the whole West coast for that matter....subsidy?

Not much different to London then :lol:

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Record numbers of Scots are going bust as the economy continues to shrink, official figures have revealed.

:lol::lol::lol::lol:

Every cloud has a.....

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If Alex Salmon had his way for complete Independence then the matter of HBOS and RBS would have completely Bankrupted them and the English Tax Payer would be expected to bail them out. :rolleyes:

Errr yeah cause england didn't benefit hugely and suffer hugely because of RBS and HBOS.. both of them just being tiny insignificant banks that only affect scotland and not the rest of the world. If scotland was independant then those banks going to the wall wouldn't have even been noticed in england. Supid.

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Guest anorthosite
Record numbers of Scots are going bust as the economy continues to shrink, official figures have revealed.

:lol::lol::lol::lol:

Every cloud has a.....

Wonderful contribution. Tell me, are you laughing that much on the inside or does your outward cuntery hide a secret inner pain? Whats wrong? Mother never loved you? Repressed homosexuality? Late night visits from a dodgy uncle?

Edited by anorthosite

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Guest Skinty
Outside of banking and the public sector, just what keeps Scotland afloat? I live up here and can't really see what supports Glasgow or the whole West coast for that matter....subsidy?

What keeps the whole of the UK afloat?

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What keeps the whole of the UK afloat?

Sometimes a turd floats a while on the surface, before exuding a bubble and descending to the bottom of the pan. I think that metaphor applies here to the UK.

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It strikes me, England and Scotand arent very much different, they are both living on borrowed time...and have s**t football teams :lol:

House prices in Scotland are mental. Salaries are low. BTL is high. Production is low.

Much like England.

The only thing in abudnace in both is stupidity/ignorance and denial.

We're all in for a bit of a mare.

Edited by TheCountOfNowhere

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Wonderful contribution. Tell me, are you laughing that much on the inside or does your outward cuntery hide a secret inner pain? Whats wrong? Mother never loved you? Repressed homosexuality? Late night visits from a dodgy uncle?

Same advice to you mate - ignore these sad gits, let them revel in their demented fantasies..

It's all they probably have to keep them warm at night.

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It strikes me, England and Scotand arent very much different, they are both living on borrowed time...and have s**t football teams :lol:

House prices in Scotland are mental. Salaries are low. BTL is high. Production is low.

Much like England.

The only thing in abudnace in both is stupidity/ignorance and denial.

We're all in for a bit of a mare.

+1 - bang on the ball.

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It strikes me, England and Scotand arent very much different, they are both living on borrowed time...and have s**t football teams :lol:

House prices in Scotland are mental. Salaries are low. BTL is high. Production is low.

Much like England.

The only thing in abudnace in both is stupidity/ignorance and denial.

We're all in for a bit of a mare.

Aye - we are all losers.

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It strikes me, England and Scotand arent very much different, they are both living on borrowed time...and have s**t football teams :lol:

The difference is in the number of public sector jobs as a total proportion of the workforce. Haven't seen up-to-date figures for a while, but the last I did it was something like 35% UK-wide and 55% in Scotland. This would seem to apply that public spending cuts will hit Scotland harder.

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It's quite simple what the Scot's need to do now.

We need to have lots of sightings of Nessie. With the best shaky camera images yet.

They then need to produce as much Nessie merchandise as possible in order to skim off that tourist Remnimbi.

You know it makes sense......

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The difference is in the number of public sector jobs as a total proportion of the workforce. Haven't seen up-to-date figures for a while, but the last I did it was something like 35% UK-wide and 55% in Scotland. This would seem to apply that public spending cuts will hit Scotland harder.

Edited 'cos I've taken Krackersdave's advice <_<

Edited by AThirdWay

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Your from Yorkshire my friend.

Unemployment rate in Yorkshire and Humberside? 8.8%

Unemployment rate in Scotland? 5.2%

At least we're working for our handout's up here!

Hmm. I don't buy those stats.

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