South Korea June inflation beats forecasts
The consumer price index rose 2.2% in June from a year earlier, after rising 1.9% in May, according to Statistics Korea.
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Daily Record
27 minutes ago
- Daily Record
Donald Trump blamed for sluggish Scottish economy after tariffs slapped on exports
Experts warned economic recovery from repeated covid lockdowns was weaker in Scotland than the rest of the UK. Donald Trump's decision to slap tariffs on exports to the United States has been blamed for the sluggish state of the Scottish economy. Experts at the independent Fraser of Allander Institute today downgraded their forecasts for Scottish economic growth to just 0.8 per cent in 2025 and one per cent in 2026. And the think-tank warned economic recovery from repeated covid lockdowns was weaker in Scotland than the rest of the UK. They said poor growth was "largely due to higher global uncertainty" – linked "particularly" to the US President's trade tariffs. Professor Mairi Spowage said: "After a strong start to the year, the Scottish economy has faltered in March and April and is essentially the same size in real terms as it was six months ago. "Unfortunately, the wider business environment and global events are still taking a toll on businesses and consumers, which is having a dampening effect on spending and business investment." It noted Scottish real GDP grew 0.4 per cent in the first quarter of 2025, compared to 0.7 per cent in the UK as a whole. The think tank said: 'A pattern of lower growth in Scotland has persisted, leading to a weaker recovery from the pandemic than the UK generally.' The report added: "The slowdown in growth this year is largely due to higher global uncertainty, particularly from the announcement of tariffs in the US and elsewhere. "With the CPI (Consumer Prices Index) rate at 3.4% in May 2025 after staying below 3% throughout 2024, an uptick in inflation has also played a role." Looking at the latest data, it found Scotland's economic growth had 'remained slow', with rises in the first months of 2025 having been 'partially offset' by decreases in March and April. Tory MSP Craig Hoy said: "While there's no question external factors are impacting Scotland's economy, it's clear anti-business SNP policies are also stifling growth. "The Nationalists' failure to fully pass on the rates relief available to businesses south of the border, coupled with them making Scotland the highest taxed part of the UK, explains why the growth rate here is even lower than the anaemic rate Keir Starmer is presiding over. "Scotland is currently saddled with two disastrous, high-tax-low-growth, left-wing governments." Deputy First Minister Kate Forbes said: "It is clearer than ever that Scotland's economy is being impacted by challenging global trading conditions and uncertainty – conditions mirrored across the rest of the UK. "We are taking ambitious steps to grow the economy by pursuing new investment, building export potential and driving and capitalising on the Scottish innovation at the forefront of many key global industries. "But we are doing all of this without the full economic powers needed to fully address the issues facing Scottish businesses. We need decisive action from the UK Government to counter the damaging economic impacts of Brexit and business uncertainty."
Daily Record
27 minutes ago
- Daily Record
Scottish Labour MPs call for UK Government to 'tell a better story' on election anniversary
EXCLUSIVE: Speaking to the Record, Scottish Labour MPs have given their verdicts on a difficult first year in charge for Keir Starmer. Scottish Labour MPs have called for the UK Government to 'tell a better story' and 'learn quickly from our mistakes' a year on from the party's historic election victory. Graeme Downie said the Labour Government must 'keep on doing' things like increasing the minimum wage and helping people with energy bills. Fellow MP Joani Reid said the Government 'haven't moved as quickly or delivered as effectively as I'd have liked in some areas' but said there has been 'genuine progress'. Labour secured a landslide win over the Tories last year - with Keir Starmer becoming the first Labour Prime Minister for 14 years. Scots also overwhelmingly backed Labour, with the party winning 37 of the 57 constituencies north of the border. However, the Government has been dogged by criticism over policies like cutting winter fuel payments and proposing cuts to disability benefits. Starmer's poll rating has tanked and Labour are at risk from Nigel Farage's Reform UK. Speaking to the Record, Scottish Labour MPs gave their verdict on a difficult first year. Dunfermline and Dollar MP Downie said: "We need to tell a better story focussed on what we are doing for people, not just large numbers of investment so when people feel they have more money in their pocket they know it is thanks to this UK Labour government. "We have already delivered a pay rise for 200,000 of the lowest paid, extending £150 off energy bills to over 500,000 households and savings on petrol by extending the fuel duty cut as well as putting money in the pocket of former miners by solving the injustice of their pensions. "Those are the kinds of things we need to keep on doing because people will feel the benefit." East Kilbride and Strathaven MP Reid said: 'One year into a Labour government, it hasn't been easy. We inherited huge economic challenges made tougher by global instability. People already know the mess we took on; they don't want politicians complaining about how difficult the job is—and frankly, I don't like doing it. We applied to run the country, so it's our responsibility to get on with fixing it. 'We haven't been perfect, and we haven't moved as quickly or delivered as effectively as I'd have liked in some areas. But we have made genuine progress. 'In East Kilbride, we've protected hundreds of jobs by saving the international development office from Tory closure. 'Thousands of local people received a decent pay rise when we increased the minimum wage in April. And nationally, we've begun delivering on our promises: a proper new deal for working people, tackling insecure work, and laying foundations for a fairer economy. 'Scotland has huge opportunities ahead—especially in defence industries and clean energy jobs. But to seize them fully, we need change at Holyrood too, so we can fix the NHS and education system after years of neglect. 'People rightly want results, not excuses. Our task now is clear: deliver faster, learn quickly from our mistakes, and keep working to build the country people deserve.' MPs believe there have been positives over the last year, including a rise in the minimum wage and a boost to workers' rights. They also believe Starmer has risen to the challenge on foreign affairs. Western Isles MP Torcuil Crichton said it was important that the Government focuses on the cost of living from now on. He said: " It's going to be defined by three things: living standards, energy and international affairs. "On living standards we've still got a job to do... Let's double down on improving people's standard of living. "Let's get the energy transition right by making sure there are jobs there for people and that communities benefit as well, because there are massive profits being made here and we can use that to change people's lives. " Glenrothes MP Richard Baker, who initially backed plans to sink the Government welfare reform. said the party needed to be 'relentless' about getting its message across. He said: "What we want to do in terms of the party in Westminster is ensuring we are relentless at getting across the positive things we are doing and focusing on where we are making achievements which really matter to the folk of Scotland, like increasing minimum wage, workers' rights, wages going up faster than the cost of living, growing the economy. "There are loads of good things happening. It's about focusing more on that and making sure we are relentless about that message." SNP Westminster Leader Stephen Flynn said: 'Keir Starmer's first year in office speaks for itself – a litany of broken promises, u-turns, scandals, and failures on the economy that have removed optimism from a public who were so desperate for change. "Voters were promised a new direction but instead they got more of the same Westminster cuts and failure. Families and small businesses hammered by tax hikes, and soaring bills - with millions of people feeling worse off whilst being lectured that things are getting better. 'The UK economy has been downgraded, public finances have deteriorated, unemployment is up, poverty is at record levels and the cost of food, energy and household bills have risen by hundreds of pounds on Keir Starmer's watch. "When people look back on the Labour Party's year in office they will remember the cuts to disabled people and pensioners' winter fuel payments, the betrayal of WASPI women and children in poverty, rising energy bills and food prices, and a Prime Minister who took thousands of pounds of designer clothes and freebies while imposing austerity cuts on the rest of us. "That is not the new direction people in Scotland wanted nor deserved."
The Herald Scotland
28 minutes ago
- The Herald Scotland
Oil price volatility concern as North Sea job losses mount
'I think it is true when the Prime Minister says energy security is national security,' he said, adding: 'Over 40% of our energy demand was imported last year and I think in an uncertain world, you know that's the wrong place to be.' The reliance on imports leaves the UK vulnerable to a disruption to supplies, reckons Mr Whitehouse. He claims the country is depriving itself of huge amounts of economic value that are enjoyed instead by countries it buys oil and gas from. Imports may result in an increase in emissions compared to UK sources when related production and transport operations are taken into account. 'If we do it here in the UK that protects jobs, puts real value into our economy and we deliver that with a lower carbon footprint so I think the case for having home-grown oil and gas is compelling,' said Mr Whitehouse. READ MORE: As Chevron closes Aberdeen office, what now for North Sea jobs? Scale of SNP Government climate change failings underlined by experts Israeli-owned firm takes control of UK's biggest gas field The oil and gas industry veteran noted that an expert report for OEUK published in June found that up to 7.5 billion barrels of oil and gas could still be produced from UK waters. The figure is around 3.2 bn barrels higher than current government estimates. OEUK has highlighted the fact that the Climate Change Committee, which advises the Government, has forecast that in a scenario where the UK meets all its climate targets on time homes and businesses will still use between 13 and 15 billion barrels of oil and gas. The potential additional 3bn barrels production that OEUK thinks is possible could be worth £165 billion to the UK economy in total and support thousands of jobs. Under Mr Whitehouse's leadership OEUK will focus much of its effort on campaigning for cuts in oil and gas taxes as the Government prepares to publish the results of a review of the fiscal regime. North Sea firms complain the tax burden has increased significantly since the windfall tax was introduced by the former Conservative Government in 2022. The rate of the energy profits levy has been increased since then, most recently by the Labour Government in the Budget in October. While the tax was imposed after oil and gas firms posted bumper profits, Mr Whitehouse claimed it has caused lots of damage. He said one way of highlighting that would be that fact that in 2019 the former Oil and Gas Authority predicted that over 6bn barrels of oil and gas would be produced from the UK North Sea between 2025 and 2050, with over 10bn possible. That compares with the successor North Sea Transition Authority's forecast of around 3.5bn. 'The underlying geology in the North Sea hasn't changed but the environment and the uncertainty has and the windfall tax has played an important role in that, it is deterring investment' claimed Mr Whitehouse. 'As we look forward to the second half of the year we are seeing a rapid drop off in terms of rig activity in the North Sea.' OEUK chief executive David Whitehouse claims oil and gas firms can play a key role in the development of renewables assets off Scotland (Image: OEUK) The Government has come under pressure to bring forward the date for the ending of the windfall tax to 2026 from 2030. Chancellor Rachel Reeves gave no ground when she published the results of the key Comprehensive Spending Review in June. However, Mr Whitehouse hopes that OEUK could still win concessions. 'The Treasury has some very thoughtful mechanisms which mean that in the event that prices spike the tax on the sector would increase,' he observed. There are details to be considered but OEUK wants the successor regime to be implemented in 2026. Mr Whitehouse is confident that the resulting boost to activity would allow the Government to recover more revenue than it lost as a result of easing the tax burden. He noted: 'In a regime where you're paying high tax that is causing investment not to happen … that does reduce your economic growth actually, it also ultimately reduces your tax receipts.' OEUK welcomed the results of the review of the field development consenting process the Government published this month – although energy minister Ed Miliband's plans to stop issuing exploration licences for new areas is a cause for concern. The consenting review was launched after a Scottish court ruled the Conservative Government was wrong to approve plans for the controversial Rosebank development off Shetland - because the assessment process failed to take into account the emissions that would result from use of the oil concerned. Under the Government's plans firms will be required to submit environmental impact assessments in respect of proposed field developments that do consider such emissions. 'We welcome that the guidance has come out, it is an important step to projects moving forward,' said Mr Whitehouse. The regulatory change could have positive implications for the planned Rosebank, Jackdaw and Cambo developments, all of which are opposed by environmentalists. READ MORE: North Sea jobs cull looms after blockbuster oil and gas deals Mr Whitehouse hammered home claims that the UK needs to ensure that it has a strong oil and gas supply chain if it is to make the most of the potential of low carbon energy generation and carbon capture and storage technology to support the net zero drive. Oil and gas firms have the expertise required to develop offshore facilities such as windfarms and some have shown they are willing to invest directly in developments. OEUK's membership includes firms that are active in renewable energy generation, hydrogen production and carbon capture and storage. It evolved out of the former Oil and Gas UK. 'If we manage the opportunity right and in a pragmatic way, which is support for oil and gas while we still use it then we see significant opportunities, particularly floating wind, carbon capture,' Mr Whitehouse said. 'I think there's huge opportunities for Scotland the wider UK … not just storing emissions from UK industry but storing them from Europe.' In June the UK Government confirmed it would provide £200m funding for the Acorn carbon capture and storage project, which will involve capturing industrial emissions and transporting them for storage in depleted North Sea reservoirs. It also announced £500m funding for UK hydrogen projects and a £1bn offshore wind supply chain initiative. Mr Whitehouse said OEUK very much welcomed the announcements concerned, which should help to generate momentum in the low carbon sector. However, noting that the number of jobs created in the sector so far has remained lower than expected, he cautioned: 'It is good to have ambition. It is good to set targets. But for those targets we need to make sure that they become real, that … people can feel that there are genuine delivery plans that sit underneath them.' The prize could be huge if politicians and industry play their parts effectively. That will require people to recognise that the UK will need oil and gas and the related supply chain for years as it builds out the low carbon generating systems it is hoped will eventually meet its energy requirements. Noting that 90,000 jobs are supported by the oil and gas sector, Mr Whitehouse appeared optimistic about the future despite the concern about the geopolitical outlook. 'I think over the coming decades, I would like to see that integrated energy sector significantly increasing the number of highly skilled, well-paid jobs,' he said. However, the prediction came with the caveat that 'it's that integration that I think is going to be the path to success'.
