Economy needs ‘fundamental rebalancing’ with Scottish investments, says Kate Forbes

Kate Forbes will tell MSPs the UK economy needs a “fundamental rebalancing” as she calls on the UK Government to invest in Scotland’s industry.

The Deputy First Minister accused UK ministers of focusing too much on London and the South East ahead of a debate on the issue at Holyrood on Wednesday.

She will repeat the Scottish Government’s calls for the Acorn carbon capture project in St Fergus, Aberdeenshire, to have full backing.

The project was given reserve status after being passed over for funding in 2021 by the previous UK government.

UK Energy Secretary Ed Miliband has said he will “consider” fast-tracking a Scottish carbon capture project as one of the options to secure a future for the Grangemouth industrial cluster, which is connected to St Fergus by pipeline.

Before the debate, the Deputy First Minister said the UK Government has made “confusing” decisions to focus investment elsewhere in the UK

She said: “The distorted shape of the UK economy is the result of decades of successive UK governments focusing economic policy and investment on London and the South East.

“Scotland has the potential to lead in high growth sectors, like life sciences, innovation and AI.

“The Scottish Government’s investments in technology, entrepreneurship and innovation position us well to compete globally.

Ms Forbes continued: “I am immensely proud of the successes and potential of Scottish innovation, underpinned by world class research at our universities. Private investors commend the talent of our people.

“When the UK is competing on a global stage, there can be no better investment than Scottish innovation.

“The UK Labour Government came to office making big economic promises to Scotland but have repeated the same mistakes as their Tory predecessors.

“We need a fundamental rebalancing of the UK economy to allow Scotland’s extraordinary potential to be met.”