Kate Forbes’ remarks to Conference #SNP24

Conference, feasgar math.

We meet in Edinburgh, at the International Conference Centre, a fitting venue for a party which looks outward, which is internationalist, and says “stop the world, Scotland wants to get on.”

Because we have got everything it takes to be a successful, prosperous and independent country – the people, the resources and the investment.

This month, our capital city hosted thousands of international visitors for the world’s largest festival of arts and culture.

And across the country, visitors enjoyed our great nation – our breathtaking natural beauty, our delicious food and drink and our incredible people.

You know conference, if we could see ourselves as others see us, there would be no place for the doom and gloom that characterises the public debate on the economy.

Take just a few of our world-leading sectors.

Our food and drink is enjoyed across the world and our exports continue to grow, against the odds.

We may only have 8% of the UK’s population – but Scottish whisky forms a quarter of all UK food and drink exports, and Scottish fish and seafood also tops the list of UK food and drink exports.

There has been a 200 per cent increase in food exports over the last ten years, and the industry is worth £15 billion.

The EU is of course the most important market for our exports, which is why it remains utterly irrational that the UK Government’s only contribution has been to take us out of the single market, add bureaucracy and red tape to our exports and wipe millions of pounds off them.

And Labour’s so-called ‘real change’ is no change at all, with no prospect of re-entering the single market and their fulsome backing of the damage of Brexit.

From food and drink, to energy.

We are spoiled with an incredible abundance of natural resources – a twice blessed nation, you could say.

Decades ago, Scotland’s oil and gas powered the nation, and now it must be our renewables that keep the lights on.

Our wealth of renewables means that Scotland should offer Europe’s cheapest power according to Greg Jackson, the Chief Executive of Octopus Energy.

But only if the UK Government reforms the energy market and fix regulation.

And I fear, conference, that we will be waiting an awfully long time for them to do that – whilst energy prices have rocketed.

In fact, the only change that Keir Starmer’s Labour party have offered so far is overseeing the energy price cap rising by almost 10% and scrapping universal winter fuel payments.

Their vision for change is making Scots colder and poorer in this energy rich country.

As the world decarbonises, Scotland’s abundant natural resources, talent base and reputation in the energy industry mean we are well placed to attract new jobs and investment.

And the figures speak for themselves.

Last year, for the 9th year in a row, Scotland was, again, the top destination for foreign investment in the UK outside London and the South East.

It turns out that people want to invest in our incredible industries and workers and opportunities – they are putting their money into Scottish businesses, and the stats are clear – investment will increase at a faster rate than in Europe or the rest of the UK.

Since 2007, GDP and productivity growth has outpaced the rest of the UK.

The latest RBS PMI report shows that Scotland is the standout economic performer in the UK, with private sector economic growth accelerating to the fastest pace in two years.

And we have the third highest wages and last year, earnings in Scotland grew faster than any other part of the UK.

Delegates,

We have resources and advantages that other – successful small nations – would love to have.

A booming food and drink sector, universities and colleges that are envied the world over, a renewables sector which is powering our homes and businesses.

And the July election made clear that voters highlight the economy as one of their top priorities they want a vision for our economy that takes us to net zero, they want a break from all the many economic pressures of inflation and higher costs and a break from the all-consuming, multi-generational cycle of poverty that is a scourge on society they believe in the importance of fairness: that wages should cover household costs, that jobs should be secure and fair and that our industries should deliver benefits for our communities.

And, as Deputy First Minister, with responsibility for the economy, working alongside my colleagues, on a SNP manifesto, that is what I want to deliver before 2026.

My objectives and the objectives of the Government is to use our limited economic levers with every fibre of our being to attract far, far more investment; to create routes out of poverty alongside our fairer social security system and finally to put communities and workers front and centre of our agenda.

How do we do that?

Well, firstly our economic policy to create economic prosperity has a purpose – it is prosperity with a purpose – and that purpose is our people.

It must achieve net zero and meet our climate change targets.

It must lead to more affordable housing and better infrastructure.

It should mean that the supply chain prioritises small businesses, creating more jobs in our small towns and villages.

The way that we do our business matters as much as the business that we do.

Secondly, we need to lift our head and to recognise we operate on a global stage.

We compete internationally for investment – and we are determined to win that investment.

In other words, to make Scotland the most attractive place to live, to work and to invest.

Our public finances are under incredible strain, and if we hoped for anything different under Labour we will be sorely disappointed.

And so that is all the more reason to ensure we attract private investment – that across the world Scotland is recognised as a place to start or grow your business, to create jobs and to create wealth.

In other words: Scotland is open for business.

We want to make it as clear as possible for investors to know what to expect in Scotland, to shorten the waiting times for planning and consenting without compromising on key expectations, to regulate in a coherent and consistent way.

To get all of the arms of economic development working together, so that when an investor expresses interest, we work with them, highlighting what is required, who to speak to and how to navigate the public sector.

We want to highlight our priorities to invest in renewables, in energy, in the supply chain and in our transition to net zero – and in our communities taking a stake in these opportunities.

The third and most important is to recognise that our people are everything.

Our workers are at the heart of our economic policy, and they must be paid fair wages, with fair terms and conditions and access to the best skills and training.

We have already made great strives in being a fair work nation – so that people know that when they invest in Scotland or build a business in Scotland, we expect them to treat workers fairly.

And for a country with a population of 5 million, with a long history of emigration, we value immigration and the many, many people that come here and make a positive contribution,

We wholeheartedly reject the way immigrants are denigrated in our public discourse.

There is no place in Scotland for that.

We recognise our need of a fairer, coherent immigration system and in this period before independence we ask the Labour Government to work with us to either devolve immigration policy or to work with us on a Scotland-only visa.

Conference, I am in no doubt that the last few years of inflation, rising costs and poor living standards have been challenging, but the UK economy has been characterised by low growth, low productivity, low levels of investment and high levels of inequality for much, much longer.

You need only consider comparable independent countries to see the opportunities for Scotland – countries like Norway, Finland, Sweden – enjoy higher productivity and living standards, higher levels of investment and lower inequality than the UK.

That is perhaps because countries of our size are well-suited to the kind of agility and collaboration that is necessary in this fast-changing technology-driven economic world.

Scotland may not at present have the powers those countries enjoy but we have the determination to make the Scottish economy as fair and competitive as it can possibly be – for the benefit of all of our people.

And so conference, before I close, I want to thank you for all your input into our economic policies and agenda, and I look forward to taking some of your questions and answers.