Scottish Government
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Economic vision for independence

Finance Secretary John Swinney will outline the economic argument for an independent Scotland this evening in an address to the David Hume Institute in Edinburgh.

Mr Swinney will tell the audience that Scotland can only achieve its full economic potential and prosperity if it has the power to determine its economic and financial future.

In his first major address since the launch of Your Scotland, Your Future, the Finance Secretary will state “the overwhelming argument to maximise opportunities for investment, jobs and growth” through independence.

Cabinet Secretary for Finance, Employment and Sustainable Growth John Swinney said:

“The people of Scotland and those in the wider UK are now actively involved in a debate on Scotland’s future, which I believe will bring new levers to secure investment and jobs to our communities.

“The outcome of this debate stands to positively transform our economy. For too long Scotland has lagged behind the UK’s economic performance, but over the last four years this Government has pursued a distinctive economic policy focused on growth, which meant Scotland’s recession, while deeply damaging, was both shorter and shallower than for the UK as a whole.

“Scotland punches above its weight as a location for international investment.  Major growth companies including Samsung, Amazon, Michelin, Gamesa and Avaloq have all made major investments in Scotland over the last year, and this is testament to our skilled workforce and supportive business environment. There is an overwhelming argument to maximise opportunities for investment and growth through independence, and with greater economic powers this Government can do more to step up Scotland’s economic performance and increase our global competitiveness.

“Scotland can support herself. The National Statistics publication Government Expenditure and Revenues Scotland (GERS), estimates that over the past five years Scotland has been in a stronger financial position than the UK as a whole.

“Scotland has a tremendous assets base, the natural human and capital resources available are substantial: remaining oil reserves with an estimated wholesale value of £1 trillion, over £3 billion worth of whisky exports, the wealth of exportable engineering and research and development skills vested in Aberdeen, the oil and gas capital of Europe, or those in Scotland’s highly diversified financial services sector; or the opportunities available through as yet untapped wind, wave and tidal power.

“Independence will allow us to maximise the opportunities available to our businesses and people, to give certainty about the tax environment to our oil and gas industry, to use taxation wisely to attract investment and jobs.

“And just as we will be able to use these economic levers to boost growth, independence will also allow us to use the proceeds of this wealth to invest in our public services. Scotland can be a beacon for progressive opinion south of the border and further afield - addressing challenges in ways which reflect the universal values of fairness.

“With independence we will have the freedom to pursue international partnerships and opportunities that secure and protect Scotland’s interests, and that will transform Scotland’s prospects and the Scottish Government’s ability to create a fairer and more prosperous society.”

Related links
  • For the latest news on Scotland’s economy follow @scotgoveconomy on Twitter.

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