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MSP participants have been warned that the Covid-19 pandemic may reverse the impact of the 1980s industrial downturn
The Coronavirus Pandemic could reverse the economic impact of the loss of heavy industry in the 1980s, and MSPs have been warned
The Hollywood Economy Committee has been told that the Covid-19 crisis could have « as much disruptive effect as the industrial downturn in the 1980s. »
Robin McAlpin, Director of the Common Weal Research Center, added that the Scottish government must be « bold » in the face of economic turmoil – referring to the contraction of the 1980s when the Thatcher era saw Scotland lose much of its traditional heavy industries, such as mining and heavy industries. Steel industry
Speaking about the epidemic, he told ministers: « All kinds of problems are still ahead – be bold or you will regret it. »
He called on the Scottish government to « make a value decision » about which jobs to support, noting that this should focus on manufacturing, high-quality service jobs and those in the green economy.
He added that the virus « accelerated » changes in the economy, such as the move towards remote work and the growth of online shopping at the expense of traditional stores on main streets.
« My best estimate is that this will have the same devastating effect as de-industrialization in the 1980s. This is the kind of metric we’re talking about here, a permanent restructuring of the economy, » said Mr. McAlpin.
Median economists have warned of the dual impact of the country facing not only the economic impact of Covid-19 but also a complete exit from the European Union at the end of the year.
Mack Albin invited ministers to draw inspiration from the famous US President Franklin D. Roosevelt – often referred to as Roosevelt In the wake of the Great Depression of the 1930s, he proposed a New Deal to help build an economic recovery
He added, « The usual practice is not to make a judgment on value, go back and let the market correct, but this is not a normal market, and we have to make some value judgments, and I think we should simply learn lessons directly from the past. »
« This is the time of Franklin Roosevelt. It is a time of a great depression. These are two consecutive economic crises. We will not recover from the last time by the time we get to the next one. That’s a big deal. »
« We have to think about Roosevelt and the obvious thing about Roosevelt is a new green deal to create massive numbers of jobs. »
His call came as he warned that the pandemic could result in the loss of many small Scottish businesses – with multinational chains in place, which are better placed to survive, and likely to replace them.
“What happens if we don’t get it right is that a small local coffee shop cannot continue to trade for another nine months during the Covid restrictions and the closure of the local coffee shop or an independent or community café,” said Mr. McAlPin.
While he said that politicians were focusing on creating jobs, he stressed the need to also « think about the balance of the economy, the equilibrium of the economy that we will have next »
“What I really want to stress is that if we allow attrition, the problem that companies face during the Covid period is to close companies that do not have reserves, but to allow companies with reserves to continue operating, what we are losing is the local industry base in Scotland, our home industry base
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Coronavirus, Scotland, the economy, the Scottish government
World News – Britain – The economic crisis of the Coronavirus « could reflect Scotland’s decline in the 1980s »
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