This week we launched our latest report, calling for an “invest for growth” strategy to replace the current failed austerity measures, which have lost the Scottish economy £24 billion in GDP since 2007.
Our recommended approach would echo the economic measures that ended the Great Depression of the 1930s and ensure the economic recovery, based on fragile foundations, is sustainable.
We are urging the next UK government to increase public spending and borrowing modestly as part of a programme of delivering more than £13bn of additional public and private investment annually into the Scottish economy.
The opportunities this additional investment will be used for will be identified in a National Investment Programme and include investment in infrastructure, such as transport, broadband and energy networks; research and development.
Such investment will stimulate economic growth and create employment, reducing the need for draconian public spending cuts while also cutting the public sector deficit and debt.
We desperately need to undertake a radical overhaul of the current failed austerity experiment, focusing instead on delivering economic growth through greater investment in our economy.