Reindustrialising Scotland
16 Jun 2014 01:06 PM
FM: Industrial sector key to a more successful,
sustainable and fairer economy in an independent
Scotland.
A plan to grow an
independent Scotland’s manufacturing industries by 30 per cent by 2030
has been announced by the First Minister Alex Salmond.
The strategy is
part of the Scottish Government’s blueprint for the reindustrialisation
of an independent Scotland which was launched by the FM during a visit to
Greenfold Systems Ltd in Dunfermline.
The First Minister
said:
“Scotland’s wealth, talent and resources
mean we have the potential to become a global hub for the industries of the
future.
“We are
renowned across the world for our engineering brilliance, our rich industrial
heritage and our spirit of innovation. We have substantial natural resources, a
highly skilled workforce, a long-standing reputation for innovation, and an
internationally-recognised brand, with products and companies competing at the
highest level in international markets.
“To achieve
this requires a national mission where we come together as a country to
reindustrialise Scotland for the 21st Century.
“We already
have world-class manufacturing companies and Scottish economic performance has
improved with the limited decision-making powers of
devolution.”
The First Minister
outlined a plan to build on that success involving:
- A
Scottish Innovation Agency
- A
Scottish Business Development Bank
- A modern
and efficient tax system and carefully targeting tax measures to support
industry
- Skills
investment targeted to our priorities for reindustrialisation
- Supporting investment through a rule, consistent with
fiscal rules for managing the public finances, which established a minimum
level for public sector capital spending as a percentage of GDP
- Strengthening collaborative approaches in the
manufacturing sector, in order to drive an economy-wide partnership approach
and to raise productivity
- Creating
a network of 70-90 overseas offices to boost exports and Scotland’s
international profile. In the long-run, a 50% rise in exports could increase
employment by over 100,000
The First Minister
said that the plan would take time to implement but was achievable with the
additional economic powers of independence. He pointed out that international
comparisons showed that countries of Scotland’s size could outgrow the UK
in terms of manufacturing output.
He said:
“We recently
set out how we could grow our economy to generate additional tax revenues of
£5 billion a year by 2029-30 by using the powers of independence to
increase productivity by 0.3 percentage points per annum, boosting the working
age population, and increasing the employment rate by just over 3 percentage
points. This strategy is one of the ways we can ensure this works for
Scotland.
“With
Westminster in control, we are currently part of an unbalanced system in which
investment levels are below many key competitors and where trade deficits have
been persistently run.
“In an
independent Scotland, we will be able to design an economic policy framework to
take advantage of our great wealth and resources to create more opportunities
and build a more secure economic future for the people who live
here.”
Notes To
Editors
A Sustainable
Industrial Strategy for a Modern, Independent Nation:http://www.scotland.gov.uk/Publications/2014/06/5184
£5 billion
increase in revenues by 2029: http://news.scotland.gov.uk/News/-5-billion-increase-in-revenues-by-2029-
ce5.aspx