Scotland resilient as Brexit and pandemic weigh

SCOTTISH Enterprise says the nation has been “able to maintain solid levels of investment which has helped sustain and create employment for many thousands of people” in spite of challenges triggered by the pandemic and Brexit.

Interim chief executive Linda Hanna offers this assessment with Scottish Enterprise’s announcement today that its “investing” of a record £568 million in the economy in the year to March resulted in more than £1 billion of additional planned private sector investment that “secured almost

7,000 planned real living wage jobs”. The agency declared this employment had been created in “communities the length and breadth of Scotland”.

The economic development agency noted the £1bn-plus investment figure comprised planned research and development investment, proposed capital expenditure and growth funding raised by businesses.

Ms Hanna said:

“Despite the challenges presented by the pandemic and Brexit, Scotland was able to maintain solid levels of investment.”

The agency said: “Projects supported by Scottish Enterprise included significant inward investments, adopting new ways of working including using digital, research and development, early-stage company equity investments and entrepreneurship. To help Scotland achieve its net-zero aspirations, a high proportion of investment went to projects that will advance the country’s low-carbon economic transformation.”

Scottish Enterprise flagged its part in supporting the planned creation or safeguarding of 6,959 jobs paying at least the real living wage. It also highlighted its role in helping enable planned research and development investment by businesses and sectors of £444m. And it flagged its part in supporting planned capital expenditure by businesses and sectors of £366m, the raising by businesses of growth funding of £254m, and planned international export sales of £1.16bn.