Scotland’s Economy

Gregor Poynton Excerpts

Tuesday 15th October 2024 Westminster Hall

[Gregor Poynton (Livingston) (Lab)]

It is a pleasure to speak in this important debate on Scotland’s economy. Scotland once led the world in economic and industrial development. Alongside other parts of the UK, Scotland was the home of the global industrial revolution. However, Scotland’s economic present is not, I am afraid, as glorious as its past.

The economic legacy of both the SNP and Conservative Governments has been dismal. We now face a stalled economy that no longer works for working people. Wages are flatlining, there are fewer opportunities, businesses have been ignored and our global competitiveness is in decline. Both the SNP and Tory Governments have delivered little but chaos and uncertainty. Scotland’s economy has not been well served in recent years.

I am here to say, however, that Scotland’s economy can be better and can work for working people. We have incredible strengths: we are home to some of the best businesses in the world, to a talented and skilled workforce, and to leading universities at the forefront of human knowledge. We have huge potential in our natural resources as well, especially in a world where inclement weather can be seen as an economic asset.

In West Lothian, we have a fantastic set of businesses and an incredibly skilled workforce, including multi- nationals, indigenous scale-ups and early-stage start-ups. The modern West Lothian economy has been built on a diverse range of sectors: life sciences, engineering, construction, food and drink, distribution, aerospace, retail, software development and renewables. In the Livingston constituency, we are the long-term home for many of the world’s greatest companies, including Sky, Mitsubishi, Glenmorangie, Valneva and many more.

I thank the Secretary of State for Scotland, the ministerial teams, and the teams at the Department for Energy Security and Net Zero and the Department for Business and Trade for their support around the potential job losses at Mitsubishi Electric. I also thank Tom Arthur, the Scottish Government Minister for Employment and Investment, for his swift action to support the workforce there. They are skilled workers who are facing redundancy as a result of short-term economic pressures.

The decisions that lie ahead of us to grow Scotland’s economy will not always be easy, but taking the right choices to grow our economy and drive investment will create good jobs and new opportunities in every part of the country. That is the country we wish to build together.

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[Martin McCluskey]

I agree. I know from experience in my own constituency with James Watt college in Greenock—now part of West College Scotland—that there have been issues with investment in colleges. That largely impacts on opportunities for working-class young people, and for people who perhaps did not get the results that they wanted at school and need a second chance. The college sector always provided that for people, but at the moment it is struggling to do so in many places across Scotland.

[Gregor Poynton]

My hon. Friend talked the importance of the university sector to Scotland, and that is clear. I have two points on that. First, yesterday’s industrial strategy is welcome. This is about how we support scale-ups and start-ups coming out of our Scottish universities. There are already great examples in my constituency of Livingston, but also across Scotland. However, more work needs to be done to help them and to ensure that the great thinking that is going on in universities can come to be more commercial.

Secondly, I have been told by many people that there is not the same access to finance, and oftentimes these companies are either bought up or have to look to move to America. The work that the UK Government are doing to create a stable environment and to involve the City of London, as part of the UK, to try to unlock some of the £3 trillion in pension funds to invest in these scale-ups is incredibly important. It is important not just that we start them in Scotland, but that we can grow them to a significant scale.

[Martin McCluskey]

I thank my hon. Friend for welcoming the launch of the industrial strategy yesterday. It is important that we ensure that any opportunities from the university sector are spread right across the country, and that is what my right hon. Friend the Chancellor of the Exchequer is trying to do with the national wealth fund. Our university sector in Scotland is also trying to make sure that the opportunities from universities and those start-ups are pushed out beyond universities’ borders. My hon. Friend’s point about access to finance is important. The Government are trying to provide a stable economic environment, which we did not have under the previous Government. That gives investors confidence, as we saw yesterday when we doubled the amount that was invested in the UK at the global conference last year. That is testament to the confidence that business now has in the UK because of our stable political environment.