As Scotland continues to emerge from the Coronavirus Pandemic, Borders MSP Rachael Hamilton has welcomed early signs of a strong economic recovery.
Recently released figures have shown that Gross Domestic Product (GDP) - a key indicator of economic performance – rose above expectations across the UK last November.
Analysts found that this was a clear sign that the UK economy is leaving the pandemic behind, but warned that these figures did not take in to account the effect of the Omicron variant of COVID-19 and subsequent restrictions.
Ms Hamilton has pointed out that Scotland’s economic recovery from the pandemic has come down to a combination of the resilience of Scottish businesses, and the unprecedented support of the UK Government through the furlough scheme and a range of business support measures.
More than 100,000 Scottish businesses have benefitted from £4 billion of UK Government COVID loans, whilst over three quarters of a million people kept their jobs thanks to the furlough scheme.
The Scottish Borders has largely followed this trend, with employment on the rise and normality returning to the high streets.
Ms Hamilton is keen to see this trend continue, but warns that GDP figures from December and January will reflect the reintroduction of restrictions imposed by the Scottish Government during that period.
Rachael Hamilton MSP said:
“Building back better from the pandemic is a priority for the UK Government. These figures are really encouraging, and show that Scotland and the rest of the UK is moving in the right direction.
“UK Government investment in the Scottish Borders has been a real boost to our businesses. This continued focus on supporting our businesses is welcome, and has undoubtedly contributed to the positive position we find ourselves in now.
“Community Renewal Funding totalling £1.3 million, the Borders Inclusive Growth Deal and funding from the Levelling Up Agenda will continue to boost our economy here in the Borders.
“Although we are expecting to see the effects of restrictions imposed by the Scottish Government on December and January’s GDP figures, a much brighter picture is being painted for 2022, with economic output, employment, and wages on the up.”
