Scotland in 2050: Realising Our Global Potential

Our 250th anniversary is an opportunity to look forward and build upon Scotland’s proud tradition of innovation, radical thought and international commerce, which flourished during the Scottish Enlightenment and continues to this day.

Recognising our unremitting focus on clients and the valuable contribution they make to the economy, we have commissioned the University of Strathclyde’s Fraser of Allander Institute to undertake a major research project that will help Scottish businesses, organisations and entrepreneurs best position themselves for the future.

The report below draws on fresh insights from new economic data and long-term global growth forecasts to inform a conversation with you on how best to mitigate the challenges and seize the opportunities in the years ahead in a rapidly-evolving global economy.

 

Report findings include:

  • Just five sectors account for more than half of all Scottish international exports and just 70 companies account for more than half of Scotland’s exports.

  • Scottish exports and Scotland’s tourism sector support around 952,600 jobs.

  • Scottish productivity is currently 20% lower than the top-performing countries in the OECD. The Netherlands can produce in four days what it takes Scotland five days to produce.

  • New and growing markets, investment in technology and innovation (including renewables) all provide significant opportunities for Scotland in the years ahead.

  • Following the transfer of new fiscal powers to Scotland, growing the economy is more important than ever, with around half of Scotland’s budget determined by the relative performance of Scottish tax revenues.

  • An annual 0.2% gap between Scottish and rUK devolved tax revenues per person would amount to a 4% budget gap over 20 years.

Scotland in 2050: Realising Our Global Potential

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We value your opinion and would welcome your thoughts on the Scotland in 2050: Realising our Global Potential report, and how Scotland should best position itself for the future. The feedback you provide will be shared with economists at the University of Strathclyde’s Fraser of Allander Institute to inform its final report, which will be published early in 2019. If you would be happy for your comments to be attributed to you in the final report, please include your name, job title and organisation within your feedback submission.

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    Scotland in 2050: Realising Our Global Potential

    Our lawyers are privileged to work with clients who are leaders in their industries and sectors, in Scotland, the UK and abroad. We are currently supporting businesses in more than 100 jurisdictions, advising on specific projects, helping them expand their overseas operations or supporting them in entering new markets.

    Building on our unremitting focus on clients and the contribution they make to the economy, we have commissioned The University of Strathclyde’s Fraser of Allander Institute to undertake a major research project to help Scottish businesses, organisations and entrepreneurs best position themselves for the future. We have used fresh insights drawn from economic data and long-term global growth forecasts to inform a conversation with our clients and key industry contacts, which will help identify how they – and Scotland – can mitigate the challenges and seize the opportunities in the years ahead against the backdrop of a rapidly-evolving global economy.

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