As the media has been reporting lately, Scotland has a very high chance of having a double dip recession that could lead to more job losses throughout the nation.
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Scotland, Nov 2011 - As the media has been reporting lately, Scotland has a very high chance of having a double dip recession that could lead to more job losses throughout the nation. Businesses being liquidated are higher now than at the same time last year and Scottish job growth is predicted by Fraser of Allander Institute to be a mere 0.4 per cent, while bankruptcy is double that of the rest of the UK.
Things are starting to look bleak for Scottish residents, but thankfully more people are now taking new government legislation to protect them from bankruptcy and reduce the money owed to their creditors.
The Trust Deed was actually first created in 1826 by Sir Walter Scott, who after a banking crisis, lost his printing business. The legislation in the Trust Deed Scotland has recently been updated to deal with the current crisis and is now helping Scots deal with their debt while avoiding bankruptcy.
With the G20 warning that the whole of the UK could collapse under the weight of the Eurozone debt crisis. Mario Draghi, president of the European Central Bank said last week that the tension seen in the markets will lead to a slowdown over the next year causing more problems ahead for European trading.
With that knock-on effect hitting the Scottish economy hard, it’s no wonder people are signing a Trust Deed left, right and centre. David Cameron said that “British economy is getting worse as euro crisis goes unresolved”. The FTSE has been falling by 0.3% along with the German markets. It’s important that we resolve these issues now as more people are taking a Trust Deed to deal with their own personal finance issues.
It has been proposed that the IMF increase funding to the Eurozone countries to try and ease the economy and give a little spending power back to businesses. It has been also suggested about reducing the default tax rate in the UK to try and give businesses the opportunity to hire staff and give jobs to the unemployed. Some people argue that tax increases will just go into the pockets of managing directors, but most medium businesses would love to hire more staff as current staff feel overworked.
Plenty of backbenchers have been complaining about the tax payers money being used to increase funding to the Eurozone. The Prime Minister has added that the amount given would be modest with Germany taking most of the brunt with Scotland’s residents still having to take on the Trust Deed to make ends meet.
As a rescue package has not been met by the G20 and negotiations are still underway to work out a safe and secure package to try and bring the Eurozone out of the recession. Of course it all depends on Greece and Italy who has been the biggest threat to the Euro after it emerged it was on the brink of economic collapse. Having both Greece and Italy both crash would be too much for the Euro countries to handle and would no doubt accelerate the double dip.