Scottish independence: Debate is ‘no bad thing’ for investment

THE debate over independence is “no bad thing” for promoting investment in Scotland, MSPs have been told.

Philip Grant, chair of the Scottish executive committee at Lloyds Banking Group, was speaking at Holyrood’s Finance Committee today.

He told members that the constitutional debate has made global markets more aware of “the brand of Scotland”.

He said: “Scotland has great strengths, great national opportunities and great talent and strength in its universities sector.

“For people to be more aware of the brand of Scotland and the capability that we have, and the opportunities, I think, is no bad thing in a global market.

“The definition as a region, or nation, or country, or economy, is in many ways, for businesses and for people looking for jobs, irrelevant.

“It’s about (asking) ‘is there investment here?’ and ‘are markets opening up for us?”’

Mr Grant was speaking during a discussion on how to increase Scotland’s sustainable economic growth,

He said the political debate is “something for the politicians and the people of Scotland” but added that he takes “every opportunity to promote Scotland and its capability”.

Unionist politicians have called for the independence referendum to be held before the SNP’s preferred date of autumn 2014 on the grounds that the debate is creating “uncertainty” for businesses and investors.

Mr Grant believes “there is maybe some advantage” in the independence debate as “there are parts of the world where people are getting interested in Scotland again”.

However, he also set out the challenges facing Scotland in creating sustainable economic growth.

He said: “Looking forward into the longer term, I think probably as a Scot living in Scotland with children developing through education, I, like many, share a real concern looking forward about whether there is going to be any real opportunity for them in a prosperous and thriving Scotland.”

He added: “Scotland has huge potential in very particular areas that has real global opportunities.

“But sitting alongside them there is data that brings our challenges into stark relief.

“The OECD (Organisation for Economic Co-operation and Development) ranks us in the third and fourth quartile for innovation, for entrepreneurial activity and for investment as a percentage of GDP (Gross Domestic Product).

“We are 267th out of 349 European regions in terms of density of business per 1,000 of population.

“You could be very pessimistic about these indicators, but the definition of an optimist is someone that sees an opportunity in every difficulty and challenge. I’m an optimist.”