ONE of Scotland’s most prominent business leaders is spearheading a new manifesto from Scottish entrepreneurs that they say has the potential to boost the economy by £20.2 billion in five years and support the creation of more than 10,000 jobs.
But New Cumnock-born Sir Tom Hunter questioned why the Scottish Government does not ask business leaders for their advice on how to improve the country's economic prospects.
The new manifesto calls for a “RESET”, with action on rates, energy, skills, the entrepreneurial eco-system and tax, to help make Scotland a “high-growth nation once again”. It makes the case for housing and planning decisions to be speeded up, for red tape that debilitates growth to be cut, and for artificial intelligence (AI) to be harnessed.
The Hunter Foundation said it developed the blueprint after listening to founders and scale-up leaders across Scotland through its programmes and its annual Founders Conference, which took place at Gleneagles, Perthshire, in November. The event brought together more than 200 of Scotland’s leading entrepreneurs and business leaders, with the main Scottish political parties that attended invited to set out their plans for economic growth. Attendees were asked directly what would help them start, scale and grow businesses in Scotland.
Sir Tom, one of Scotland's best-known entrepreneurs and founder of The Hunter Foundation, said: “Scotland has the talent and the ambition to be a high-growth nation once again, but we’ve made it harder than it needs to be for businesses to invest, expand and recruit. This manifesto is about practical changes that remove friction, speed up decisions and back the creation and retention of quality jobs.
“Entrepreneurs aren’t asking for special treatment. We’re asking for a serious partnership focused on outcomes to bring about more opportunity, homes, investment, and more funding for public services.
“Our ask of the Scottish Government, all political parties, policy makers and local authorities is simple - work with the people who start and grow companies, and focus relentlessly on delivery. If we do that, Scotland can not only compete on the big stage, but prosper.
“We Scots invented the modern world, let’s live up to that legacy and build a vibrant world-beating nation again – together we can.”
Writing in the manifesto, Sr Tom questions why the Scottish Government does not approach entrepreneurs for their advice on how to boost the economy.
“Now I don’t know how to run the country and I’m happy to admit it but myself and fellow entrepreneurs do know how to start and grow companies, create good jobs and pay our tax,” he writes.
“Why doesn’t the Government call on us to help grow the Scottish economy and increase the tax take? Every single entrepreneur we speak to is passionate about their business and passionate about their country. We have a wealth of talent that our country is not tapping into — regardless of their political persuasion they are willing to help: country first, politics second. And yet nobody calls on us.”
Sir Tom, who runs the investment vehicle West Coast Capital Holdings alongside his philanthropic work through The Hunter Foundation, also expressed the view that Scotland is over regulated.
“Without doubt our economy is over regulated,” he said. "A newt can hold up the building of much needed housing while families stay in damp and unacceptable accommodation. We have a housing emergency but it can still take over a year to get planning to build houses and of course we are over-taxed, debilitating growth.
“Our rates system disincentivises investment — a hospitality business can invest a seven-figure sum in an unoccupied building, create 30 decent paid jobs and their reward? A rates bill going up eightfold!
“If we encouraged more businesses to invest, create jobs and pay a fair rate of tax our tax take would go up yielding more money for the NHS and all that we care about for our nation.”
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