Financiers from across the world are queuing up to invest in Scotland, Enterprise Minister Jim Mather said yesterday.

Financiers from across the world are queuing up to invest in Scotland, Enterprise Minister Jim Mather said yesterday. He told Edinburgh Chamber of Commerce there was a mood in the world that saw Scotland today as a happening place, which compared to Ireland 20 years ago.

He had received visitors from the US in the past few days and would meet Swiss financiers later this week.

All, he said, were interested in investing in Scottish public services through the bond issue alternative which the SNP executive wanted to promote as a replacement for the private finance deals of the last administration.

Mr Mather said: "We have had financiers from the US recognising that something is happening in Scotland now, and the message they are taking back to America is that if investors wanted to get into Ireland in 1986, they should be investing in Scotland now."

He spoke of the "stellar" group of experts who had agreed to sit on the government's Council of Economic Advisers, adding: "I promise you it will not be another talking shop but will play a critical role in developing our economic strategy."

But LibDem leader Nicol Stephen criticised the remit of the group of economic advisers, arguing that they should be allowed to probe ministerial proposals and government policies. He said: "The First Minister assembled a strong team of advisers. I gave him credit for that. But the First Minister has now blocked off entire corridors of power from scrutiny."

Citing the role of equivalent bodies in the US and in Europe, he said: "My call to the First Minister is to allow the council to scrutinise the SNP government and its spending plans.

"The council should be allowed to look at the SNP's budget plans so that they can have the opportunity to assess whether ministers are living up to their economic priorities."

Labour also entered the debate, with Shadow Enterprise Minister Iain Gray citing a report yesterday in which Scottish economists questioned many of the assumptions underlying the country's economy.

"The new Council of Economic Advisers must surely begin by ensuring that their understanding of recent growth and the current position is accurate," he said.

"I am today writing to John Swinney to ask him what action he intends to take to ensure that these apparent anomalies are addressed in future Scottish Executive statistics. I expect him to take this research seriously and respond quickly to it, and I am sure he will.

"Labour in the Scottish Parliament has always put economic growth at the top of the agenda, and welcomes the advent of the council, but their deliberations must be open, transparent and based on the best information possible."

But an aide to the First Minister pointed out that Mr Stephen had failed to create such a body during his own time as Enterprise Minister.

An spokesman for the executive added: "The role of the council is to advise on strategies to remove obstacles to growth and grasp opportunities for the Scottish economy.

"The council will not have a role in directing public spending.

"It is right and proper that these decisions are directed by those with the electoral mandate to do so, accountable to parliament and parliamentary committees.

"Boosting sustainable economic growth is the First Minister's number one priority for this parliament.

"We firmly believe that the work and thinking that will flow from the council group will be invaluable to Scotland as we set out on a path to higher sustainable growth and inter national competitiveness."