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11 June 2008
PRESS RELEASE
For Immediate Use
FINANCIAL SERVICES IN THE BORDERS WOULD THRIVE WITH INDEPENDENCE
Scotland's financial services sector would thrive under Independence
according to the Head of Financial Services for Deloitte in Ireland.
SNP Westminster candidate for Berwickshire, Roxburgh and Selkirk,
Paul Wheelhouse today welcomed comments in the national press from
Mary Fulton, Financial Services Partner with Deloitte – Ireland, in
which she said;
"It is self evident that Scotland would be able to make itself more
attractive to global financial services companies if it had greater
fiscal powers."
SNP candidate Paul Wheelhouse said;
"Ms Fulton's comments endorse what many in the business community
already know. With Independence, Scotland would have the full range
of powers needed to deliver a more competitive business environment
and attract even greater investment into our financial services
sector.
“An estimated 460 people
are employed in local financial services firms and these jobs
directly contribute £26 million or 2.2% of the region’s economic
output, with further jobs supported by these activities. However,
even before the significant growth in recent years, the 2001 Census
indicates that, including commuters, a total of 1,300 Borderers were
employed in the Scottish financial services sector. This is some
2.6% of all Borderers in employment.
"While the Scottish financial sector has done incredibly well over
the past 10 years the Irish financial services industry has grown by
nearly 300% over the same period, from a low base.
"There is no doubt Ireland's power as an independent country to set
competitive tax rates, a power Scotland does not have at present,
has been a key factor in that success. With Independence, the SNP
would lower Corporation Tax to just 20% to attract and help create
even more high value jobs. Borderers should seek to capitalise on
that opportunity.
"The SNP in Government is already delivering real improvements for
Scottish business with lower taxes on small businesses, and a skills
strategy that meets employers’ needs. We are winning the support of
the business community in the process.
"As more and more business
people see the potential for Independence to deliver a more
competitive economy, and a growth rate to match that of other small
European nations, that support will only continue to grow."
-ends-
1. The Sunday Herald interview with Ms Fulton can be found at the
link below;
http://www.sundayherald.co.uk/business/businessnews/display.var.2326419.0.0.php
2. A poll by the Scotsman newspaper of the Scottish business
community, conducted at the end of April 2008 found of 648
businessmen and women, 39 per cent were now more in favour of
independence than 12 months ago.
And 57.5 per cent of respondents believed the SNP was doing a good
or excellent job in power.
http://thescotsman.scotsman.com/latestnews/Salmond39s-seduction-wins-over-business.4044220.jp
3. Estimates of employment
taken from Scottish Corporate Sector Statistics, 2007 (Scottish
Government)
http://www.scotland.gov.uk/Topics/Statistics/Browse/Business/Corporate
4. Output estimates based
upon Scottish GVA per employee for employees in “financial
intermediation” and total GVA for the Scottish Borders, as at 2004.
5. Census 2001 data for
Scottish Borders – “Employment by Industry” of resident population
(Table
KS11a) obtained using the SCROL
Analyser tool:
http://www.scrol.gov.uk/scrol/analyser/analyser?actionName=choose-topic-and-table
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