Council of Economic Advisers

Today’s meeting of the First Minister’s Council of Economic Advisers considered the implications of the EU referendum result for Scotland.

At its first meeting since the election, Council members discussed the current state of Scotland’s economy in light of the UK’s vote to leave the EU. The Council will continue to monitor Scotland’s economic performance as the impact of the EU referendum becomes clearer.

First Minister Nicola Sturgeon said:

“The Council of Economic Advisers plays a critical role in supporting our focus on growing the economy, particularly on our approach to improving innovation and driving forward economic growth that is inclusive.

“Since the Council last met, the UK has voted to leave the EU, with potentially very significant negative consequences for the Scottish economy, as shown by a range of emerging evidence on the impact of Brexit on jobs and investment.

“We have acted to take further measures to stimulate the economy and support jobs by adding an additional £100 million to our capital infrastructure programme this year. While Scotland’s economy has a range of fundamental strengths, in the face of the continuing uncertainty following the Brexit vote Council members will consider the current economic outlook, prospects for growth and advise on our economic approach as our potential future relationship with the EU becomes clearer.”

Chair of the Council Crawford Beveridge said: “This is a challenging time for Scotland’s economy given the uncertainties that lie ahead. In our role as an independent advisory group, our members bring expertise from across a range of areas, both nationally and internationally, and benefit from direct links to the Standing Council on Europe. We act as a ‘critical friend’ and sounding board to advise the First Minister on key areas impacting on Scotland’s performance, including on the economic implications of the EU referendum outcome, innovation and inclusive growth.”