Meeting of the Parliament 04 June 2019
The Scottish Conservatives will use our time today to set out a new direction in economic policy and a comprehensive new approach to skills and training.
The need for a new economic model has never been greater. Last week, the Scottish Fiscal Commission forecast that Scotland’s economy will continue to underperform for the next four years. As a result, income tax revenues are forecast to be £1 billion lower than expected. Although there is no doubt that the outcome of Brexit is creating uncertainty, the economic underperformance stretches back 12 years.
According to the Scottish Parliament information centre, had growth in Scotland kept pace with the rest of the United Kingdom over the past 12 years, our economy would be £7 billion larger. We agree with the recent comments of the Fraser of Allander institute, which said:
“Brexit should not be the only focus of attention”
and that there has been
“little ... discussion of the ... structural challenges and opportunities”
that Scotland’s economy is facing.