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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 5 May 2021
  6. Current session: 12 May 2021 to 16 June 2025
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Displaying 1162 contributions

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Finance and Public Administration Committee

Scottish Fiscal Commission (Economic and Fiscal Forecasts)

Meeting date: 31 August 2021

Liz Smith

However, are there things that would perhaps reduce uncertainty and help you to plan ahead with regard to forecasting?

Finance and Public Administration Committee

Scottish Fiscal Commission (Economic and Fiscal Forecasts)

Meeting date: 31 August 2021

Liz Smith

Notwithstanding the better news that you published last week, when you said that you felt that the scarring to the economy was not as bad as had originally been anticipated, you also said that there are significant risks ahead. You have said that that is partly due to the difficulty in predicting future consumer and business behaviour. All of that is tied to the significant pressures on the budget. Public spending and public sector debt are rising, and tax receipts are likely to fall because some businesses are failing.

It is not your job to hint at Government policy, but can you tell the committee where you see the most significant future risks to the economy?

Finance and Public Administration Committee

Scottish Fiscal Commission (Economic and Fiscal Forecasts)

Meeting date: 31 August 2021

Liz Smith

With all the additional forecasting that now goes on and the improvement in the use of the data, do you, as statisticians who predict the future by using that data, think that economic forecasting is getting more accurate? [Laughter.]

Finance and Public Administration Committee

Scottish Fiscal Commission (Economic and Fiscal Forecasts)

Meeting date: 31 August 2021

Liz Smith

I will put it in another way. If there have been improvements in the data over time, that implies that your job has become slightly easier—it is not perfect by any means, but it has become slightly easier. What you produce for the Government is therefore more accurate than it used to be, even though there are complexities. Is that fair to say?

Finance and Public Administration Committee

Scottish Fiscal Commission (Economic and Fiscal Forecasts)

Meeting date: 31 August 2021

Liz Smith

A not-too-distant date on the horizon is 1 October, which the Government is identifying for publication of the outturn report for the fiscal framework, which will lead on to the revision of the fiscal framework and the agreement. Are there things that you would like to see within the fiscal framework parameters that would make forecasting a bit easier?

Finance and Public Administration Committee

Cabinet Secretary for Finance and the Economy

Meeting date: 31 August 2021

Liz Smith

Yes—it is interesting that you say that, because it is contrary to some of the reports that we were getting. As Cabinet Secretary for Finance and the Economy, do you feel that there is a strong commitment from the Scottish Government that the announced infrastructure projects will go ahead? Business and industry consider those commitments extremely important, particularly with regard to connectivity and accessibility.

As you know, we have had a huge fuss—nothing to do with the Scottish Government—about ScotRail’s commitments to changing services, and people are anxious about the lack of connectivity and increased journey times. The projects to which the SNP had committed were trying to address some of those connectivity issues. Can you give a commitment that those projects will go ahead? They are obviously extremely important to Scotland.

Finance and Public Administration Committee

Scottish Fiscal Commission (Economic and Fiscal Forecasts)

Meeting date: 31 August 2021

Liz Smith

We will take that as an accurate answer anyway.

Finance and Public Administration Committee

Cabinet Secretary for Finance and the Economy

Meeting date: 31 August 2021

Liz Smith

Good morning. Turning our attention back to economic growth, which we—with, perhaps, one political party exception—think is very important, I believe that, in your most recent budget speech and in your answers to some of the questions in the last parliamentary session, you said that business wants certainty and predictability in order to plan ahead and wants to know exactly where it is going. First of all, what plans does the Scottish Government have to work with the UK Government on access to cash and banking services?

Finance and Public Administration Committee

Cabinet Secretary for Finance and the Economy

Meeting date: 31 August 2021

Liz Smith

Some of the schemes such as the levelling up agenda, which you have just mentioned, are extremely important and can be Government led, but many businesses in Scotland, as in the rest of the UK, are facing a cash flow problem. This is not a political question, but what discussions are happening between the two Government on improving access to cash and banking services? After all, that will be absolutely critical to the survival of many businesses in the future.

Finance and Public Administration Committee

Cabinet Secretary for Finance and the Economy

Meeting date: 31 August 2021

Liz Smith

On the infrastructure angle, to which you have previously referred, good quality infrastructure is critical to economic growth and to ensuring that business has some certainty and can plan. First, could you comment on the reports that, because of the new deal between the SNP and the Greens, some of the infrastructure planning to which the SNP was previously committed might be in jeopardy? Secondly, there was a report at the weekend that some money that the Scottish Government had been offered for road improvement infrastructure had not been used. Is that correct?