Labour aims to 'rewrite rules' of Scots economy

Scottish Labour has announced a plan to encourage investment in Scotland and "rewrite the rules of our economy."

Labour leader Richard Leonard wants more investment in Scotland

Under a Scottish Labour Holyrood government, the party said it would set up a Scottish Sustainable Finance Group to bring together the country's banks, asset managers and finance houses.

The group, along with representatives of trade unions and business, would then be tasked with developing a long-term strategy for the economy.

Party leader Richard Leonard said: "Scottish Labour's plans to create a greener better future for us all, while creating quality, well-paid jobs for good, will be crucial to leading us out of this recession.

"But to deliver a green jobs-led recovery, we need to rewrite the rules of our economy.

"That's why Scottish Labour supports reforms to the finance sector so that it works not just for shareholders and well-paid big business executives but also for employees, customers, co-operatives and small and medium sized businesses."

He added: "A Scottish Labour government would launch a Scottish Sustainable Finance Group to bring together Scottish-based banks, finance houses and asset managers with representatives of business and trade unions to develop a long-term sustainable investment strategy for these sectors.

"And financial institutions that have bases in our main financial centres of Edinburgh, Glasgow, Aberdeen and elsewhere would be encouraged to invest more into Scottish businesses and projects directly and to state how much they invest in Scotland and what percentage of their total investment is in Scotland."

The party, if it gains power at Holyrood in next year's election, has also committed to using the Scottish National Investment Bank to finance a "green new deal" it claims will create 130,000 jobs.

Mr Leonard said: "The Scottish National Investment Bank should lead the way in ensuring that we get the funding in place to deliver a green new deal and are able to revive the economy with a jobs led recovery.

"A green new deal is needed to revive our economy, delivering improvements in housing, energy, infrastructure, environmental restoration and transport."

In a poll by Ipsos Mori for STV published last week, Scottish Labour remained in third place with 13% of the projected Holyrood vote in both the regional list and constituencies.

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