Dundee’s economic rejuvenation a thrill for leading banker

As I stepped out of the railway station this week, I felt immense pride as I took in the emerging new waterfront skyline.

The juxtaposition of tradition, represented by the RRS Discovery, and innovation, represented by the new V&A building, is such a powerful combination.

The rejuvenation of Dundee has been quite a journey.

I have always been fascinated by the history of my city and its traditional businesses.

Yes of course the three Js – jute, jam and journalism – but there is also how Dundee invented investment trusts, which went on to fund the early pioneering days of the American rail roads, and for a while Broughty Ferry.

I was always interested in how Dundee thrived in the 19th Century and first half of the 20th Century and then entered a long period of decline, which coincided with my growing up in the 1960s and 1970s.

Through all these difficult times I always thought Dundee and Tayside had huge latent potential so it’s heartening to see progress well under way.

I have been chairman of the Courier Business Awards judging panel for the last three years, and without question there is a renewed optimism sweeping the region.

We really should not be surprised.

Dundee has much going for it – two well-regarded universities, colleges, a thriving digital media space, a world-renowned medical sector and flourishing creative and design industries.

And there is the eagerly awaited opening of the V&A, and its anticipated positive impact on the region’s hospitality and retail sectors.

Not to mention the contribution of many long established businesses which continue to play an important part in the fabric of the region.

There are of course challenges out there.

Brexit is top of most people’s agendas and this has particular relevance to sectors which rely on seasonal and foreign citizens, many of who are from European countries.

At the UK macro level, there remains a number of concerns around the prognosis for economic growth in a post-QE, rising interest rate environment.

At Clydesdale Bank we believe that prospects for regional economies are very much dependant on the successful growth and funding of SMEs.

We publish a quarterly SME Health Check Index and the most recent Q2 2017 update, published last month, highlighted lending in Scotland increased for the first time in a year and business confidence was at its highest level since the start of 2016.

Although there are some encouraging signs here, I think it remains important to be cautious and not complacent.

We have seen increases in investment in a number of sectors, including healthcare, technology, and hospitality and although early indications suggest investment levels holding or even increasing in 2018, we remain cautious as investment can be unpredictable as evidenced by the CBI’s most recent survey up to midOctober, which reported a softening in investment intentions at a UK level.

Clydesdale Bank has a long history supporting SME businesses in the region, and this commitment will continue as we start the next exciting chapter in Dundee’s history.

The juxtaposition of tradition, represented by RRS Discovery, and innovation, represented by the new V&A building, is such a powerful combination