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Scotland falling behind

Magnus Linklater attempted to defend his Scotland's economic performance in The Time this week:
Hey, pal, you calling me feeble? - Comment - Times Online

Just as, in 1706, there were signs that the Scottish economy was performing rather better than its English critics maintained, so too in 2006 the gloomy Scotophobic analysis needs to be tempered with a sharp dose of realism.
Taken over the past 40 years, the Scottish economy has grown at an average of about 2.1 per cent, compared with the rest of the UK's figure of 2.5 per cent. This is not great, but it is by no means disastrous

Of course he fails to mention the miracle of compound interest - something which would not have escaped the eagle eyes of an eighteenth Century Scottish banker.
The difference between 2.1% and 2.5% growth over forty years would give a growth index of 229.63 vs. 268.51 - quite a significant difference.


Given that those 40 years contain every drop of North Sea Oil extracted to date (and all the associated economic effects in places like Aberdeen), that is pretty pathetic!

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