SLA economist will be Holyrood tax chief

The chief economist at Standard Life Aberdeen (SLA) is leaving after 13 years to take up a newly created role at the Scottish Government.

Lucy OCarroll faces an 'exciting new challenge'. Picture: submitted.

Lucy O’Carroll has accepted the role of director of taxation, a position described as “very senior” in the new Scottish Exchequer responsible for fiscal and macroeconomic policy across Scotland.

She will take up her new post in January, and it comes after a spell during the 1990s at the Bank of England where she was senior economist. O’Carroll said: “I would like to thank Keith [Skeoch] and Martin [Gilbert] for the wonderful experience I have gained at Aberdeen Standard Investments. The opportunity to take up such an exciting new challenge within the Scottish Government was one I simply couldn’t resist. I am looking forward to taking up my new role, but will miss the many fantastic colleagues and friends I have made at what is great company.”

Keith Skeoch, co-chief executive of SLA, praised O’Carroll for the “intellectual rigour, leadership and enthusiasm” she brought to her role, and the “significant contribution” she has made while at Standard Life Aberdeen.

“Given our heritage, and the importance of Scotland to our business, we are proud that Lucy has been offered such an important position. After five years spent at the Bank of England earlier in her career, I admire her commitment to public service. She leaves with our best wishes.”

A spokesman for the Scottish Government welcomed O’Carroll’s appointment as the first director of taxation in the Scottish Exchequer, saying: “This key role has been created in recognition of the increased breadth of the Scottish Government’s tax-raising powers and the central importance of inclusive growth and fiscal sustainability.”