150 Business People Declare Support for Full Fiscal Responsibility

An open letter to the people of Scotland from 150 business owners and job creators.

Opinion polls consistently show significant majority support for home rule, devo max or full fiscal autonomy. Whichever term is used, the definition of devo max is clear: all powers transferred from Westminster to Scotland with the exception of shared monetary policy, defence and foreign affairs.

Extensive new powers – as close to federalism as possible – were promised to the people of Scotland by the No campaign during the referendum and, if implemented, would provide the Scottish Government with the powers required to generate strong and sustainable economic growth, create jobs and increase shared prosperity. We support a progression towards full fiscal responsibility, transferring meaningful economic powers to Scotland, and then a staged implementation of full fiscal responsibility (home rule).

For generations, fiscal transfers from Scotland to the rest of the UK have slowed investment in economic growth in Scotland. As a result Scotland’s economic productivity and participation are consistently low compared to equivalent small countries around the world. Full fiscal responsibility will free Scotland’s economy from Westminster’s centralised control, allowing the Scottish government to implement precisely tailored policies to help Scottish business compete in global markets, moving our economy closer to the higher levels of growth enjoyed by similar small to medium sized European nations.

The political debate in this General Election should be focused on how we boost Scottish growth with a full package of distinctive economic policies that match the needs of Scotland’s economy. By doing so we can we attract added investment, create jobs and grow our economy faster than is possible under Westminster control. As a result, we will generate increased revenues to reduce the deficit through growth, whilst tackling inequality.

We also believe full fiscal responsibility north of the border should come with increased devolution for the other nations and regions of these islands. In the interests of all UK citizens, the process of moving away from centralised London control should start on May 7th.

All named signatories have signed in a personal capacity.

We were given permission by Gordon MacIntyre-Kemp of Business for Scotland to use the above letter. You can see the list of signatories here http://www.businessforscotland.co.uk/150-business-people-declare-support-for-full-fiscal-responsibility/