The Scottish Government has warned that Edinburgh will face economic shock and possible job losses in the fallout from a no-deal Brexit.
In a report published today, 21st February, the Chief Economic Advisor to Scotland has warned that a no-deal Brexit would hammer Scotland’s economy, with national Gross Domestic Product (GDP) predicted to fall by up to 7%.
With the Scottish Government report concluding that a no-deal Brexit has the potential to push the Scottish economy into recession, with unemployment rising and trade and investment disrupted. If prolonged, the shock of Scotland’s departure from the EU could lead to significant structural change in the economy.
Currently 14% of Edinburgh’s workforce are EU nationals – the highest share in Scotland.
Previous research has already shown the damage of the Tories’ proposed Brexit deal, which would see a 6% fall in GDP by 2031, costing each person in Edinburgh £1,600.
SNP MSP for Edinburgh Pentlands, Gordon MacDonald, said, “These new figures really hit home the devastating impact a no-deal Brexit will have across Edinburgh.
“With EU nationals accounting for 14% of our local workforce, we have so much to lose here.
“A no-deal Brexit is not inevitable – but we know that Theresa May’s deal is dead in the water, with even her own party refusing to accept it. The SNP has fought tooth and nail to seek an extension to the Article 50 process, and find compromise to protect Scotland’s interests.
“But Scotland is being ignored by Westminster and it’s no wonder people have completely lost trust the UK Government.
“While Labour and Tory politicians continue to ignore Scotland’s interests and stand in the way of us making decisions over our future, more and more people are drawn to the opportunities and hope for the future that independence offers.
“We need to stop the clock on Brexit, rule out No Deal, which would cause economic damage to Edinburgh and prevent the Tories dragging Scotland out of the EU against our will.”