In The National in Scotland, yesterday, my argument that Scotland will need a strong competition policy when it's independent:
'Hidden within the furore on this issue is a really big concern when it comes to Scotland’s future' // @RichardJMurphyhttps://t.co/WtfdaATOz6
— The National (@ScotNational) April 22, 2021
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
Your article hits the nail well and truly on the head. As long as it is part of the UK, Scotland has no means of protecting its economy from external threats, most particularly from buy-outs by larger companies based predominantly in England.
Pre WW2, Scottish-owned companies predominated in our economy, but increasingly their ownership has passed to businesses located elsewhere, with the result that the Scottish economy is largely a “Branch Office” economy. This means that senior positions are inevitably moved out to corporate HQ, with a resultant brain drain of talent from Scotland. All my adult life it’s been a depressing feature in just about every walk of life that getting on in one’s career meant a move to London and the South East.
A particularly depressing factor has been the growth in recent times of numerous home-grown businesses, particularly in IT and the sciences, developing high-quality products, establishing strong market positions and then being bought out, with the owner pocketing substantial sums and retiring. The intellectual property rights are then transferred to the new owner and the reason for having a presence in Scotland disappears with them. In my accountancy career I was made redundant twice when this happened to companies I worked for.
Independence will provide an opportunity to change this in the future, but won’t bring back all the jobs that have already migrated. However, the tide can’t be turned without a radical rethink about protecting our businesses and institutions from foreign predators, so I agree it’s essential that policies and practical solutions have to be developed in advance of any declaration of independence. Waiting for independence to happen will be too late, given that the massive task of setting up a new country from scratch will then be the most urgent priority.
Thanks Ken
Glad we agree
The pro Indy Scotgov, IMMEDIATELY after being elected on 6th May, should announce to the world that a 2nd indyrev will happen within a year, and that any privatisations, e.g. Scottish Water, will be reversed WITH NO COMPENSATION. All potential investors should be aware that their investment will be lost in the event of Indy happening. That should make the vultures think a few times before they sign any cheques.