Setting Scotland on course for recovery

Fraser Sime, Regional Director, SME banking and mid corporates at Bank of Scotland

As businesses look to recover from the impact of the coronavirus pandemic, we asked t he question – what does Scotland need for its recovery?

Never before have we faced such a business and societal challenge as coronavirus.

We wanted to convene a series of expert conversations, bringing together a wide range of businesses and stakeholders to agree on how best to address Scotland’s recovery.

From the first of these virtual Big Conversations, with representatives from over 100 Scottish companies, it was clear that Scottish innovation is at the heart of the solution.

One quarter of the businesses said they had become more innovative and, provi ng t here are winners as well as losers, nearly a third repor t ed a more positive cash flow compared to six months ago.

One c o mpany t h a t h a s flourished was represented by Colin King, chief executive officer of Alva- based medical specialist Omega Diagnostics – part of the UK consortium developing and manufacturing Covid- 19 tests.

Ot h e r c o mpani e s h ave used these times to pursue an ambitious vision of the future. Stephen Lewis, MD at Bellshill- based HFD Property Group, told delegates that when work on its new office development i n Glasgow paused during lockdown, it was redesigned to make it even more energy efficient, with a net zero carbon footprint.

This may highlight a potential winning strategy for Scotland. CBI Scotland director Tracy Black expressed it well when she said: “Scotland is in a fantastic position to benefit from a green recovery. We’re world leaders in wind and hydroelectric power, and our universities have fantastic research and development departments.”

Of course, many businesses, particularly those in hospitality, tourism or leisure, have been put in an impossible position. We have played our part by supporting tens of t housands of S c ot t i s h businesses through our own £ 2bn Covid- 19 fund and the government loan schemes, b u t n o w we mu s t l o o k beyond first aid to recovery. For this we must look to everyone that can offer support, i ncluding S cottish Enterprise, Scottish Development International as well as the Chambers of Commerce and, of course, the CBI.

With this event we began a journey to understand the specific challenges identified by our business community.

We look forward to working with them and all those who stand with us in support of Scottish business.