Boosting productivity could add £25bn to Scots economy
Scotland's economy could be boosted by £25 billion if it increased its regional productivity, according to a new study published today.
CBI Scotland said in its report that improving productivity and unlocking growth across the regions could grow the economy by as much as 15 per cent over the next decade.
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The business body said it found “vast” regional disparities in productivity across Scotland, and stated that while productivity performance north of the Border has caught up with the UK over the last ten years, it still lags behind global peers.
CBI Scotland is calling for a business-led productivity taskforce to be set up, uniting the government and business community.
Director Hugh Aitken said: “Against a backdrop of EU negotiations and new revenue-raising powers for the Scottish parliament, there has never been a more important time to focus on improving productivity across Scotland. If we’re serious about generating sustainable, inclusive growth, then unlocking regional productivity must be a priority.”
The organisation identified four drivers of regional productivity difference, including educational achievement and skills training and exporting.
Aitken added: “By bringing government and business together to focus on these four drivers, we can go some way to making Scotland a more attractive destination for investment.”