Sir Tom Hunter’s economic report backed by 27 leading Scottish business leaders, investors and business bodies
We believe the Oxford Economics report, ‘Raising Scotland’s Economic Growth Rate’ underscores the need for inclusive debate across political parties, Government, trade unions, business, the third sector and the media, indeed all concerned parties, to determine a new economic strategy for Scotland.
Radical and ambitious policy changes are required if Scotland’s economic performance is to be transformed and significantly boosted within the next 15 years and there must be no sacred cows as we determine those changes.
We must, as a necessity not a choice, address Scotland’s low productivity, poor business birth rate and lack of success with scale-ups that mean Scotland’s GDP per head is a mere 44% of Singapore’s level, 48% of Ireland’s, 68% of Norway’s and 75% of Denmark’s.
As the report states “it is not realistic to think that the current economic policies of either the UK or Scottish governments will produce a transformation of Scotland’s economic performance”.
Hence we must act now, in collaboration not conflict, to support and deliver a strategy that takes us up the ladder of GDP and drives innovation and scaling not just within business but across the whole of the public sector.
Achieving significant growth in our GDP is not just in every single persons’ interest, it’s an imperative if we are to maintain and indeed enhance our public services and drive the jobs that are so desperately needed post-pandemic.
We owe it to our young people that we create a vibrant economy for them to inherit and we need to be exceptional custodians of Scotland’s future for their sakes. To do so we cannot simply do what we have always done, tinkering on the edges, Scotland needs to think big and it needs to think fast.
Our opportunity is our size, we are a speed boat compared to the super tanker economies and we are a nation that has historically invented the modern world, its not beyond our ken to do that again.
We implore a rational, national debate on our economic future to then deliver a strategy and an operational implementation plan for Scotland’s growth.
Signed:
Andrew Parfery, Company Director, Caresourcer
Andrew Wilson, Founding Partner, Charlotte Street Partners
Carolyn Currie, Chief Executive, Women’s Enterprise Scotland
Chris Van Der Kuyl CBE, Chairman, 4J Studios
Claus Marquordt, Co-Founder & CEO, Integrated Graphene Ltd.
Colin Blair, Chairman, Buzzworks Holdings
Craig Letton, CEO, MRM Global
Duncan Maclean, CEO, Candle Shack
Ellis Watson, Company Director
Fraser Edmond, CEO, Broker Insights
Kieran Coyle, Company Director, Premiership Experience
Liz Cameron OBE, Chief Executive, Scottish Chambers of Commerce
Mairi Mickel, Company Director and Family Business Adviser
Marie Clare Tully, Chief Executive, Columba 1400
Marie Owen, CEO, LS Productions
Mark Beaumont BEM, Athlete, broadcaster, investor and author
Mark Scott, Company Director, Bella & Duke
Paddy Burns, CEO, 4J Studios
Philip Ross, Company Director, Safehinge Primera
Poonam Gupta OBE, CEO, PG Paper
Ramin Golzari, Company Director, Highlander Outdoor
Ray Perman, Chairman, Inner Ear Ltd
Robin Marshall, CEO, Bain Capital
Ross Tuffee, CEO, Iceberg.tech
Sandy Kennedy, Chief Executive, Entrepreneurial Scotland Foundation
Sara Thiam, Chief Executive, Scottish Council for Development and Industry (SCDI)
Steven Easton, Managing Director, Green Home Systems Limited