Scotland: Mood of the Nation Report - November 2022

The last few years have been a topsy-turvy time globally. And just as Scotland emerges from pandemic restrictions, with a glimmer of optimism growing, we now find ourselves experiencing the worst financial headwinds for a generation and the promise of a thumping recession on the horizon.

Looking back, 2022 really has been the year of ‘Permacrisis’. Political upheaval, Ukraine, inflation soaring, cost of living, skyrocketing energy prices and Bank of England rates at the highest level for decades. To add to that the autumn mini-budget caused the worst fall of the pound since decimalisation, a pension bail-out and triggered a mortgage crisis with soaring mortgage rates, truly challenging for first time buyers and the 100,000 UK homeowners with fixed rate mortgages coming to an end. Those homeowners now face the terrible reality of rates three times what they were.

All of this has culminated in an economic crisis worse than 2008 and one that means millions of people will be worrying about putting food on the table or not having money to buy gifts at Christmas.

Working in partnership with The Union, 56 Degree Insight set out to capture how the cost of living crisis is impacting on people living in Scotland. Focused on their feelings, fears, priorities and coping mechanisms, it is a striking snapshot as the nation looks ahead to what will be an incredibly tough winter for many. In mid October, in the immediate aftermath of the mini-budget, we surveyed a nationally representative sample of over 1,000 Scots. The report can be downloaded by clicking on the front cover below.

We believe it makes for fascinating reading…..