Home Economy Is lack of investment in local infrastructure holding us back?
Bank of Scotland stakeholders say investment in the country’s roads would have the biggest impact on the nation’s wealth, followed by rail and air
A lack of infrastructure investment could be holding back the country’s economic growth, according to new research from Bank of Scotland.
Sixty-nine per cent of delegates – comprising influential figures from across Scotland’s business community – attending the bank’s recent 2016 Gameplan events cited a lack of investment in local infrastructure as hindering Scotland’s prosperity and preventing economic growth.
They gathered at four events across Edinburgh, Glasgow, Dundee and Aberdeen to discuss the issues which will shape the future of Scottish business.
Business leaders said that their business’ turnover would be boosted by an average of 6.8% if there was more investment in regional infrastructure.
They also reported that investment in Scotland’s roads would have the biggest impact on the nation’s wealth, followed by rail and air.
Fifty-one per cent of delegates flagged up that infrastructure projects such as The Queensferry Crossing would have a positive impact on the country and their supply chain.
Nick Laird, regional managing director for mid markets at Bank of Scotland, said: “Infrastructure is clearly an issue at the top of the agenda for businesses in Scotland.
“Having effective infrastructure to meet the current and future needs, whether that is in transportation, energy, social infrastructure or telecommunications, is essential in driving long term economic growth.
“We are committed to supporting big infrastructure projects, The Scottish Government’s Infrastructure Investment Plan and the nation’s local supply chains.
“This series of Gameplan events has given us a valuable snapshot into how Scottish businesses are feeling, which helps us to provide tailored support to firms.”
The programme of events held across Scotland brought together the region’s business leaders, policymakers, professionals and academics to discuss the opportunities and challenges being faced by Scottish businesses.
The events were hosted by former BBC journalist and broadcaster Declan Curry, forming part of a national campaign that takes place in 16 UK locations between September and November.
A panel of business leaders and commentators, including Carl Paraskevas, senior financial economist at Lloyds Bank Commercial Banking, shared their expertise and first-hand experiences with guests.