Constituency MSP, Jackie Baillie, has urged the Tory and SNP Governments to help get the economy back on track as new analysis reveals that household savings have plummeted since the Tories came to power.

Labour analysis of household savings in Scotland reveals a 60 per cent drop in household savings since the Tories came to power in 2010. In 2010, Scottish households had, on average, £3,840.41 in the bank, but by 2017 that had plummeted to £1,517.31 per household.

Jackie said:

“It is clear that our economy simply isn’t working for working people. Savings offer people a financial safety net yet people are simply unable to save in today’s economy.

“The dramatic drop in household savings since the Tories came to power in 2010 shows just how real the effects of Tory austerity have been on Scottish people.

“It is a result of a cost of living crisis fuelled by stagnant wages and personal debt. All the while the incomes of the super wealthy have soared because of tax cuts at the top.

“This should be a wake up call for the Tories, and the Scottish Government need to do more to help people get back on their feet.”