Economy Matters

‘Several years’ before Scottish National Investment Bank will be self-sustainable – The Herald

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MSPs have been warned that the Scottish National Investment Bank will not become financially self-sustainable for at least three years due to the longer-term investments meaning returns are “slower at coming through”.

The chairman of the bank also told MSPs that work is underway for the public body to become fully regulated – warning that without the move three “missions” set by SNP ministers will not be achieved.

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Scottish shipyards to build 24 warships between 2015-2035 – UK Defence Journal

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With the recent news that Rosyth will build a warship for Ukraine, the total number of warships being built in Scottish shipyards between 2015 to 2035 now stands at 24.

In addition to the now built 5 Offshore Patrol Vessels, there are plans for 8 Type 26 Frigates, 5 Type 31 Frigates, 5 Type 32 Frigates and 1 Ukrainian warship to be built in Scotland.

Ukraine previously signed a memorandum with the UK to secure £1.25 billion in funding to build new military vessels for the Ukrainian Navy, the first ship will be constructed in the UK and the remaining 7 vessels will be built in Ukraine.

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Who is standing for the economy in the Scottish cabinet? – The Herald

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Scotland’s tourism industry has been operating in crisis mode for almost 20 months.

Prior to Covid, the main focus of the STA was to influence policy to remove barriers to Scotland’s growth as a globally important tourism destination and ensure that we are every bit as competitive as we can and need to be.

Aside from the fact that our industry continues to operate at a reduced level and capacity as a result of the ongoing recruitment challenges, we have now been plunged into an alarming crisis as a result of the Scottish Government’s decision last week to extend Day 2 PCR testing requirements on fully vaccinated international travellers, while other parts of the UK will not. The impact will be significant and this decision leaves us questioning whether there is any voice in Cabinet or the Government in a position to make and win the case for our economy, business and jobs.

Since the announcement of this decision, I have received a steady stream of messages over the course of the weekend from businesses presenting direct and immediate evidence of the impact of the Scottish Government’s decision on international travel restrictions; as an example, one inbound operator has been told to direct all future bookings to airports south of the border.

It is difficult to convey the serious alarm across the travel, tourism and hospitality sector in Scotland and indeed the broader business community.

International bookings, revenue and visitors to Scotland are being lost right now; England has experienced a surge in bookings. Unless the Scottish Government reverse this policy decision, Scotland can effectively write-off international tourism to Scotland for another year to the detriment of our businesses, communities, supply chain and wider economy.

The booking window for 2022 is now, yet our inbound tour operators are looking at a third year with little or no business. There will be no international demand while PCR testing remains in place. This policy decision has already driven demand from Scottish airports to elsewhere in the UK and Ireland; this was recently highlighted as a serious risk at the recent meeting held between the STA, representatives of our inbound operator sector and the Scottish Government.

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Scottish Government travel policy causing ‘serious alarm’, industry bosses declare – The Herald

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Scottish independence: Support for Yes drops if voters think it will cost them money – Daily Record

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Scots are far less likely to back independence if they believe it will cause public spending to drop, the introduction of a hard border, or the pound being replaced, a new poll has found.

A survey carried out by Survation on behalf of pro-UK campaign group Scotland in Union found that 50 per cent of those asked would be less likely to vote Yes in a referendum if it meant their personal income was reduced.

Respondents were given a number of scenarios around the question: ‘If you thought the following scenarios were likely to occur as a result of Scottish independence, would this make you more or less likely to vote for independence?’.

The introduction of a hard border between Scotland and England could dominate any future referendum campaign.

41 per cent of the people asked in the survey said they would be less likely to vote for independence, compared to 17 who would be more likely if border posts were put up.

If people knew that taxes would increase following independence then 45 per cent of the 1,040 people asked said they would be less likely to vote ‘Yes’, while 36 per cent said they would be neither more or less likely.

The Scotland in Union poll comes days after Nicola Sturgeon’s campaign to end the Union has received a boost.

A survey found a narrow majority in favour of Scottish independence.

The survey, by pollsters Opinium, asked 883 people how they would vote if the referendum question asked was ‘Should Scotland be an independent country?’.

Once don’t knows were excluded from the total, 51% said they would vote Yes and 49% said they would vote No.

Here’s all you need to know about the Scotland in Union poll:

Finance secretary Kate Forbes challenged by Tories after drawing a blank on figures – The Herald

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KATE FORBES has come under fire from Tory MPs for failing to get to grips with her figures.

Ms Forbes, Scottish finance secretary, was appearing at a session of the Scottish Affairs Committee this afternoon when she was asked about how much the Scottish Government had spent so far on city and region growth deals.


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