In the UK, thanks to Westminster’s hard Brexit, families are facing soaring mortgage rates, skyrocketing car insurance and sharply rising home insurance.
However, while our EU neighbours are facing the same challenges and navigating the same cost-of-living crisis, they are avoiding inflicting the high levels of inflation that people in the UK are being hit with.
The reality facing families, is that Brexit Britain’s alarming inflation levels are not just higher but are soaring beyond those of our EU neighbours and G7 partners.
Car insurance is sky-rocketing
Analysis by the House of Commons Library found that since January 2022, UK car insurance inflation has grown exponentially – rising to a massive 43.1% in May 2023.
In contrast, the car insurance inflation rates in May 2023 in neighbouring EU countries are all faring far better. In Ireland alone, car insurance inflation actually fell by 3.6%.
Rates were significantly lower in Denmark (6.2%), Germany (2.6%), Sweden (2.5%), the Netherlands (2.4%), France (0.4%) and Spain (0%) – while Belgium’s inflation rate also fell by 0.4%.
Scotland’s economy, under Westminster control and post-Brexit is facing detrimental effects. Since May 2021, only the UK has suffered from a car insurance inflation rate that surpassed an annual increase of 5%.
While independent nations within the EU have kept car insurance inflation relatively low, the UK’s is spiralling out of control.
Home insurance is through the roof
Westminster is failing drastically to alleviate households from the economic pressures of the cost-of-living crisis.
The Tories are failing to make our economy work for the people, and this is further intensified by the surge in home insurance inflation, especially when compared to our European neighbours.
Between January 2022 and May 2023, UK home insurance inflation has risen sharply to an average of 17.9%, costing families dearly.
Whereas, the inflation rate during the exact same period in neighbouring EU countries remained far lower – in France home insurance inflation averaged at only 2.8%, in Norway 2.6%, in Sweden 1.3% and in Germany home insurance inflation reduced by an average of 2.6%.
Westminster’s failed economic management has sent mortgage rates soaring
The UK currently holds the highest inflation rate among major economies. In August, the Bank of England increased interest rates on mortgages for the fourteenth consecutive time – reaching a 15-year high.
The clear lack of commitment by the Tories to act in the best interests of Scotland is undeniably painful- the average Scot now faces a burden of paying £381 more per month in mortgage payments than they were paying in November 2021.
This means a full-time employee in Scotland on the National Living Wage would have to forgo their entire wage for more than a quarter of a year just to pay the additional mortgage interest caused by Westminster’s woeful economic mismanagement.
This challenge becomes even more daunting for families, especially considering the staggering increases in car insurance and home insurance inflation, coupled with significant rises in food prices.
Even leading economists, including former Bank of England Governor Mark Carney, have warned Brexit is the reason the UK has higher and more stubborn inflation than the EU.
Only with independence can Scotland escape Brexit
Brexit Britain is being hit far harder by inflation than our nearest European neighbours, and every household is paying the price.
Regardless of whether a Westminster government is blue or red, neither can effectively manage Scotland’s economy in favour of Scotland’s interests, especially as both Labour and the Tories support keeping Scotland out of the EU and out of the European single market.
Labour and the Tories’ are denying Scotland of EU membership and remaining in Westminster control is only contributing to Scotland’s suffering.
The SNP stands as the sole path toward securing Scotland’s independence. Only with independence can Scotland rid itself from the economic consequences imposed by Labour and the Tories’ hard Brexit.