The Pagoda Perspective 29.08.2016

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INDEPENDENCE

  • The SNP is expected to launch its ‘summer initiative’ on independence this Friday with a hard-nosed look at where the Yes side must improve to increase its support.
     
  • Legislation for a second independence referendum could be revealed soon according to Nicola Sturgeon, as she warned the UK is no longer a ‘safe harbour’ for Scotland.

BREXIT

  • Nicola Sturgeon has warned that Scotland leaving the EU could cost the Scottish economy between £1.7bn and £11.2bn a year by 2030.

  • The number of mortgages approved by the big UK banks for house purchase dropped in July to the lowest level since January 2015, with the Brexit vote being cited as having a big impact on confidence.

LABOUR PARTY

  • Jeremy Corbyn has urged Labour party members to show respect to Kezia Dugdale after she was jeered at a husting debate between Corbyn and Owen Smith in Glasgow.

ECONOMY

  • Scotland’s public spending deficit was £14.8bn in the past financial year, a 9.5 per cent share of the country’s GDP, compared to 4 percent for that of the UK as a whole. The 97 per cent fall in Scotland’s share of North Sea revenues, from £1.8bn in 2014/15 to £60m last year, contributed to much of the shortfall.

  • Scottish business confidence has dropped to its lowest level since the 2008/09 recession according to the Institute of Chartered Accountants in England and Wales, with a substantial drop in confidence after the Brexit vote.

  • Scotland has the UK’s worst gender pay gap with females in management roles being paid almost £11,000 less on average than their male counterparts, a new report by the Chartered Management Institute has claimed.

  • Inflation could overtake wage increases this year, with median wage rises in the three months to July being 2 per cent and the retail prices index measurement of inflation being 1.9 per cent.

OIL & GAS

  • The Scottish Government could provide a multi-million pound boost to the North Sea oil industry by cutting subsidies to onshore windfarms, according to oil and gas entrepreneur Algy Cluff.

RENEWABLES

  • The first offshore tidal turbines have been connected to the grid, with the turbines installed off the coast of Shetland being the first in the world to do so.

COMING UP