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Official Report: search what was said in Parliament

The Official Report is a written record of public meetings of the Parliament and committees.  

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Dates of parliamentary sessions
  1. Session 1: 12 May 1999 to 31 March 2003
  2. Session 2: 7 May 2003 to 2 April 2007
  3. Session 3: 9 May 2007 to 22 March 2011
  4. Session 4: 11 May 2011 to 23 March 2016
  5. Session 5: 12 May 2016 to 4 May 2021
  6. Current session: 13 May 2021 to 14 November 2025
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Displaying 1805 contributions

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Economy and Fair Work Committee

Economic Recovery

Meeting date: 1 September 2021

Michelle Thomson

That is what I was alluding to earlier in respect of endemic structural issues in our financial system.

I am keen to ensure that, before we finish, everyone has the chance to put on the record their findings about debt. However, I am aware of the time, so you should be brief before the convener calls me to order.

Economy and Fair Work Committee

Economic Recovery

Meeting date: 1 September 2021

Michelle Thomson

I will carry on with that in a moment, but I understand that Dave Moxham wants to come in.

Economy and Fair Work Committee

Economic Recovery

Meeting date: 1 September 2021

Michelle Thomson

I am sorry to interrupt you, Charandeep, but I am asking whether you disaggregate all data in all of your surveys.

Economy and Fair Work Committee

Economic Recovery

Meeting date: 1 September 2021

Michelle Thomson

I want to pick up on that before I go to Charandeep Singh. I am aware of the time. Given your experience and background, and in light of what you have said about the nature of women’s businesses, to what extent does the structural management of debt exclude gender considerations in how banking is currently run?

Finance and Public Administration Committee

Scottish Fiscal Commission (Economic and Fiscal Forecasts)

Meeting date: 31 August 2021

Michelle Thomson

In that respect, I, too, was excited about box 3.1, which started to get into that sort of thing.

My next question follows on from that and is on the similar theme of GDP per capita. We know that there are endless debates about how effective that is as a measure, although it is internationally understood and you rightly use it. However, what, if any, thinking have you done about measures in addition to GDP per capita, given its known and understood crudity, and particularly as we start to move to the so-called wellbeing economy, which I know is somewhat amorphous at the moment?

Finance and Public Administration Committee

Scottish Fiscal Commission (Economic and Fiscal Forecasts)

Meeting date: 31 August 2021

Michelle Thomson

I have been listening to the contributions with great interest. The themes that keep recurring are around uncertainty and complexity. I appreciate the very difficult job that you have to do in reconciling what has actually happened with a forecast of what might happen, and I am interested in exploring that a bit further.

We have touched on some of the rationale that you use for your analysis when questions have been asked. I am interested in understanding the rationale for some of your analysis in your report. For example, we know that climate change will affect us, and net zero targets are being talked about a great deal. How do you reflect such issues in your analysis? Can you see a development of your report in which you reflect more on those issues?

Finance and Public Administration Committee

Cabinet Secretary for Finance and the Economy

Meeting date: 31 August 2021

Michelle Thomson

Yes. I am talking about the new funding streams on levelling up, community renewal, UK shared prosperity and so on.

Finance and Public Administration Committee

Cabinet Secretary for Finance and the Economy

Meeting date: 31 August 2021

Michelle Thomson

There might well be a residual benefit in letting the larger public understand the dog’s dinner of the current fiscal framework, but that is by the by.

Local government faces very similar challenges with regard to its being confident about when money will appear and so on. On the review of capital accounting, which I believe you requested and which is being led by directors of finance on behalf of local government, are you able to express any view on the extent to which the focus should be on understanding service concession flexibilities to facilitate financial planning, or do you intend to wait for the outcome of the review before local councils can get some more certainty about what flexibilities they have?

Finance and Public Administration Committee

Scottish Fiscal Commission (Economic and Fiscal Forecasts)

Meeting date: 31 August 2021

Michelle Thomson

It is the best worst, as I think people would agree.

Finance and Public Administration Committee

Cabinet Secretary for Finance and the Economy

Meeting date: 31 August 2021

Michelle Thomson

For my last question, I want to pick up on Liz Smith’s point about the debt burden on small businesses. When you have your conversations with the UK Government, could you impress on it the need to implore banks to have flexibility in certain loan schemes? There are some protections in place, such as no personal guarantees for coronavirus business interruption loan scheme loans up to a certain amount, but the fact remains that, post the 2008 recession, there was some really poor behaviour by banks, with small to medium-sized enterprises forced into very distressed circumstances and made bankrupt or sequestrated. Will you add your voice to ensuring that banks understand their obligations, particularly to the SME community?