Anton Muscatelli

Glasgow Labour's Rachel Reeves delivered the 36th Mais Lecture on Tuesday. This is a very high-profile engagement for the Shadow Chancellor of the Exchequer. Top politicians, central bankers and economists have given this lecture to the City of London over the years from Valery Giscard D’Estaing to Mervyn King and Friedrich Hayek.

It’s true that Scotland has always been at the cutting-edge of technological development, science and invention. This is largely due to the fact we are home to a number of world-leading universities.

If rumours of a Ministerial trip to Brussels in the days ahead to ratify an agreement on Horizon Europe are true, then we might finally be seeing the beginnings of a fresh relationship between the UK and the EU.

The obvious question is: does this feel like a replay of the 2007/08 Great Financial Crisis?

AS economists, we are often expected to be able to predict the future. But economists are not soothsayers. We cannot make unconditional forecasts. What we can do is to make some predictions conditional on our analysis and the shocks which may impact on our economies and society. Our toolbox does not contain a crystal ball, but it does contain some models which can help us understand how to respond if certain future shocks were to happen.

IT would be no exaggeration to say that last year’s EU referendum campaign UK-wide was poisoned by some of the approaches taken to the debate on immigration – but in the 11 months that have passed, the situation seems to have worsened, risking Scotland and the UK’s economic future along with it.

Economies constantly evolve as new technologies, innovation or changes in consumer tastes drive new trends and lead to new sectors and industries. The pace of change often reflects external factors and changes in the global economy.

Last week saw the first meeting of the Standing Council on Europe which the First Minister established to provide the Scottish Government with expert advice on how Scotland’s interests can best be protected following the EU referendum.

THE current EU referendum debate has focused on the negatives of the choice. In part this is because the Leave campaign has suggested that the UK would be free to shape its economic, social and regulatory environment outside of the EU, taking the Remain campaign onto negative terrain.

Universities in Scotland and the UK benefit massively from our membership of the EU. The evidence is unequivocal.