The priorities within the Government’s Economic Strategy - internationalisation, innovation, investment and inclusive growth - have been turned on their head by the decision to leave the EU. An urgent review of how the strategy is to be delivered is needed. Initiatives to be reviewed should include: ■The strategic direction and level of investment in Scottish Development International and the export markets to be targeted; ■The nature and intensity of the support provided to exporters in a climate of political and constitutional uncertainty; ■The speed at which connectivity improvements – such as cutting air passenger duty – are delivered; ■The scale and scope of the newly planned international trade and investment hubs; ■The options to help Scotland continue to be an attractive destination for international students; However, Brexit is of a scale so significant that policymakers need to consider the totality of their approach to supporting growth. In a world where the political and constitutional settlement is much more fluid, policy needs to be flexible, agile and responsive to change. This year, the Scottish Government will spend over £1bn on the economy. Are we getting value for money? Why – despite this investment– does Scotland still have a lower business start-up or R&D rate than the UK? What programmes might be more/less effective post-Brexit? What challenges are likely to be more/less significant as a result and need to be targeted? The focus of this paper is, naturally, the strategic thinking of the UK and primarily the Scottish Government. But it is imperative that everyone – from across the political spectrum – revisit their economic priorities in the light of the referendum. The Scottish Government has so far shown strong political leadership since the referendum. But as the dust settles on the result, there is now a need for clarity and sharpness in the delivery of economic priorities.
|Place of Publication||Glasgow|
|Publisher||University of Strathclyde|
|Number of pages||7|
|Publication status||Published - 8 Jul 2016|
- EU referendum
- Scottish economic climate