Scottish households have experienced an almost £2,400 drop in savings as a result of nearly a decade of austerity under the Conservatives, according to Scottish Labour.

According to its analysis of official data, the average savings amount has fallen by 62% since the Tories came into power in coalition with the Liberal Democrats in 2010.

Scottish households had an average of £3,840 in the bank that year which had fallen to £1,470 by 2018, the party said, claiming the figures highlighted a "broken economy" under the Tories.

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Finance spokeswoman Rhoda Grant said: "The Tories came to power promising a long-term economic plan but the impact of a disastrous near-decade of austerity has been to shrink savings for families in Scotland.

"The Tories used to try to compare our complex economy to a household budget to justify their crusade to shrink the state - but instead all they managed to do was to shrink household budgets themselves.

"This is as a result of a cost of living crisis fuelled by stagnant wages and personal debt.

"All the while the incomes of the super wealthy have soared because of tax cuts at the top."

She added: "Labour will make our economy work for the many, not just a privileged few by investing in our people communities and public services."

A UK Government spokesman said: "Working with the Scottish Government to create jobs and deliver prosperity for Scotland is a key priority for the UK Government.

"In recent days we have announced a major Royal Navy contract that will protect jobs in Fife.

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"We have announced measures that will strengthen our universities. We have delivered hundreds of millions of pounds in support for Scottish agriculture and for our renewable energy sector.

"We are bringing the COP26 global climate conference to Glasgow, and with it a multi-million pound boost for the city."

He added: "The UK Government is investing £1.4 billion in our city and growth deal programme which will create tens of thousands of jobs over the next 15 years.

"At the same time we are urging the Scottish Government to use their powers to strengthen the economy, not hold it back.

"They should lift the threat of a second independence referendum and reverse policies which have made Scotland the most highly taxed part of the UK."