Scotland could become ‘Frankfurt of the North’

A GROUP of economists believes Scotland could position itself in financial services as the “Frankfurt of the North” as part of a strategy to double growth over 25 years.

Frankfurt is Europes biggest financial centre. Picture: Thomas Lohnes/Getty Images

Calling for a radical change in economic planning, they have said Scotland should move away from benchmarking with the UK and apply to join the Nordic Council, whose members have a tradition of building for the longer-term through collaboration by all sectors of the economy.

Their ideas are a result of a 15-month study commissioned by N-56, an initiative led by Scottish property company boss Dan Macdonald and first revealed in Scotland on Sunday earlier this month.

The report, Scotland Means Business, outlines a strategy to boost gross domestic product by 86 per cent by 2037. It also recommends simplification of the tax system, investment in infrastructure, enhancement of Scottish branding to help exports, and incentives for companies to relocate their headquarters to Scotland.

Report author Graeme Blackett of BiGGAR Economics said: “There is no magic bullet to dealing with the challenges Scotland faces, but we have produced a package of measures … ensuring Scotland’s economy truly realises its full potential.”