Bond together

Published on Sunday 20 December 2009 20:55

I warmly welcome the proposal by Dr Ian McKee MSP (your report, 18 December) for politicians to take a 5 per cent salary cut.

However, while many are exhorting their own professions to do the same, might I suggest our medium and long-term economic development is more important?

Until we have rebalanced our ability to manufacture and export to create wealth for our country, we shall have failed to strengthen our economic backbone. The dead hand of Westminster prevents the Scottish Government developing its industrial bank, a vital component of our ability to support and nurture seed-corn business.

If Scotland was independent, then people earning over 65,000 per annum could make a one-off compulsory investment of 5 per cent of their salary in a national bond to provide the funds to convert the wonderful innovations and technology that radiate from our universities and elsewhere into smart, world-beating manufacturing products.

The return on these bonds would be graduated according to length of investment, and those with less income could invest voluntarily. Not only would they provide an enhanced personal pension pot, but they would also transform our nation's economic fortunes based on sound money and tangible evidence.

GRAEME McCORMICK

Redhouse Cottage

Arden, by Loch Lomond