People in Aberdeen are a total of £45,000 worse off since 2010 after suffering the worst growth performance in the UK over the last decade, according to a report exposing the dangers of dependency on the fossil fuel industry amid the climate crisis.
Aberdeen was one of the most prosperous places in Britain after an energy industry boom in the 2000s, with about a third of jobs in its export base – the part of the economy that trades with the rest of the UK and the world – directly related to oil and gas.
However, the granite city has suffered over the past decade from an energy sector slump amid the US shale oil revolution, highlighting the risks of being dependent on an industry exposed to increasingly volatile global shifts.
Highlighting Aberdeen’s boom and bust tendencies, the report said gross disposable income per head in the city was £45,240 lower on average than it would have been if the local economy had continued to grow at the rate seen between 1998 and 2010.
It comes as Rishi Sunak doubles down on anti-green policies to create a wedge issue with Labour before the general election, while pushing to advance North Sea oil and gas exploration to “max out” the UK’s reserves.
However, economists – including the former Bank of England governor Mark Carney – have warned that the strategy could cause Britain to fall behind its global competitors amid the transition away from fossil fuels, while leaving the nation too heavily invested in the “sunset industries” of the past.
The original article contains 588 words, the summary contains 259 words. Saved 56%. I’m a bot and I’m open source!
This is the best summary I could come up with:
People in Aberdeen are a total of £45,000 worse off since 2010 after suffering the worst growth performance in the UK over the last decade, according to a report exposing the dangers of dependency on the fossil fuel industry amid the climate crisis.
Aberdeen was one of the most prosperous places in Britain after an energy industry boom in the 2000s, with about a third of jobs in its export base – the part of the economy that trades with the rest of the UK and the world – directly related to oil and gas.
However, the granite city has suffered over the past decade from an energy sector slump amid the US shale oil revolution, highlighting the risks of being dependent on an industry exposed to increasingly volatile global shifts.
Highlighting Aberdeen’s boom and bust tendencies, the report said gross disposable income per head in the city was £45,240 lower on average than it would have been if the local economy had continued to grow at the rate seen between 1998 and 2010.
It comes as Rishi Sunak doubles down on anti-green policies to create a wedge issue with Labour before the general election, while pushing to advance North Sea oil and gas exploration to “max out” the UK’s reserves.
However, economists – including the former Bank of England governor Mark Carney – have warned that the strategy could cause Britain to fall behind its global competitors amid the transition away from fossil fuels, while leaving the nation too heavily invested in the “sunset industries” of the past.
The original article contains 588 words, the summary contains 259 words. Saved 56%. I’m a bot and I’m open source!