• Text size      
  • Send this article to a friend
  • Print this article

Experts reveal plan to double growth of Scottish economy

ECONOMICS experts have unveiled a radical blueprint to double Scotland's economic growth in 25 years and make it one of the top five wealthiest countries in the world.

They include proposals for the financial services sector which is claimed would make Scotland the "Frankfurt of the North" and moves to tap into the nation's ageing population as a new growth sector.

The report was Commissioned by N56, a business initiative founded by Dan Macdonald, chairman of Macdonald Estates.

Although Mr Macdonald is a current member of the advisory board for the Yes campaign, the main author of the reports, Graeme Blackett, from BiGGAR Economics, says it would work whichever way Scotland votes in September.

N56 says the report has drawn on the expertise of a team of leading international economists, and is aimed at ensuring that Scotland attains a position among the most advanced economies in the world. It draws on expertise and experience from the likes of Singapore, Hong Kong, New Zealand, the US, Norway, Sweden and Denmark.

Measures proposed include a new national infrastructure development plan, an export-based growth strategy, and a package of tax reforms. These would simplify the tax system and boost economic growth such as a personal tax regime that would retain and attract highly skilled individuals in key sectors.

It sees Scotland's ageing population as a new growth sector rather than a problem. Building on work done in the northern Netherlands, it presents the growth in the elderly throughout the West as a potential massive export market for the likes of services, ideas for care and products.

Following the experience of New Zealand, there should be a new exports strategy including development of a Scottish brand. Meanwhile, whether independent or not, Scotland should apply to join the Nordic Council.

This would support the export growth strategy and help develop a more global outlook, creating joint strategies with other countries, the report says.

There should also be a new national development plan, akin to Ireland's National Development Plan, including a substantial investment in infrastructure, improving transport and information and communications technology, as well as the delivery of air hubs.

Financial services are to be promoted through consistent regulatory and fiscal regimes, fostering through research and development tax credits and introducing an apprenticeship system.

Mr Blackett said:"The evidence we have had collected over the past 15 months shows that there is no doubt that Scotland's economic potential is huge."

Contextual targeting label: 
Business

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

242461