The independence debate is ”no bad thing” for promoting Scotland to international investors, one of the country’s top bankers has claimed.
Philip Grant, chairman of the Scottish executive committee at Lloyds Banking Group, told MSPs the constitutional question that has dominated national politics for the last year has increased global awareness of ”the brand of Scotland”.
Giving evidence to Holyrood’s Finance Committee during a discussion on how to increase Scotland’s sustainable economic growth, he suggested the international interest generated by the referendum could be a boost for business.
”Scotland has great strengths, great national opportunities and great talent and strength in its universities sector,” he said. ”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?”’
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”.
The comments will come as a boost to First Minister Alex Salmond, who is planning to hold the crunch constitutional poll in autumn 2014. Unionist politicians have called for the vote to be brought forward on the grounds that the debate is creating ”uncertainty” for businesses and investors.
But Mr Grant said ”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: ”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.”
Mr Grant’s comments on independence were welcomed by SNP’s North East Scotland MSP Mark McDonald.
”Mr Grant acknowledges the debate on our country’s future has put Scotland, our talent, opportunities, our universities and the fact we are leaders in the renewables sector into the global spotlight and is generating new interest in Scotland’s potential,” he said.
The Scottish Government’s consultation on the referendum closes on Friday. It can be completed at consult.scotland.gov.uk/scotreferendum
Photo by Danny Lawson/PA Wire