New economic strategy aims to ‘significantly outperform’ last decade

Kate Forbes believes the next ten years will be decisive in building a 'more resilient, entrepreneurial and fair economy'.

New economic strategy for Scotland will aim to ‘significantly outperform’ last decade iStock

A new economic strategy for Scotland will aim to deliver growth over the next ten years that “significantly outperforms the last decade”.

Finance secretary Kate Forbes believes the next decade will be decisive in building a “more resilient, entrepreneurial and fair economy”.

Forbes said while the Scottish Government could do more “with greater powers”, the new blueprint to be unveiled this coming week will take “decisive steps towards the creation of new, well paid, green jobs”.

Speaking ahead of the publication of the National Strategy for Economic Transformation, Forbes said the Scottish Government plans to work with businesses, trade unions, the third sector and public bodies to “seize Scotland’s economic potential”.

The publication follows two years of the Covid pandemic, which saw many businesses hit hard by the impact of restrictions put in place to stem the spread of the deadly virus.

It also comes as the Scottish Government seeks to move away from reliance on the oil and gas sector and instead switch to more environmentally friendly forms of power.

EDINBURGH, SCOTLAND - JULY 09: Kate Forbes, MSP Finance Secretary gives a ministerial statement in response to the Chancellors summer economic update at the Scottish Parliament in Holyrood on July 9, 2020 in Edinburgh, Scotland. (Photo by Fraser Bremner - WPA Pool/Getty Images)
Scottish Government: Finance secretary Kate Forbes.

Forbes said: “From the television to the telephone, penicillin to steam engines, Scotland has a rich history of innovation and invention.

“In the next decade, Scotland faces a choice to either lead or to lag behind other successful economies all whilst we recover from Covid, deliver net-zero, tackle structural inequalities and grow our economy. We choose to lead.

“Over the next ten years, we aim to deliver economic growth that significantly outperforms the last decade, so that the Scottish economy is more prosperous, more productive and more internationally competitive.

“To do that, we must be a country in which the public, private and third sectors respect each other’s strengths, draw on each other’s talents and work together to create and sustain an economy that works for all.

“This strategy is about delivering the best economic performance possible for Scotland within the current constitutional constraints.

“There is much more we would do with greater powers, however this strategy takes decisive steps towards the creation of new, well paid, green jobs and will drive an economic recovery that will meet our climate and nature targets while ensuring we maximise the benefits of a just transition.

“We want the Scotland of tomorrow to be a more resilient and more entrepreneurial economy – in which everybody can share in our success.

“As we look beyond the pandemic we must be ready to seize the economic opportunities that come with achieving net-zero and becoming a fairer country.”

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