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Scary forecasts shown to be ill-founded, says SNP chiefs

Scary forecasts shown to be  ill-founded, says SNP chiefs

Scotland’s Finance Secretary John Swinney and Deputy First Minister Nicola Sturgeon insisted the Weir Group report was a welcome contribution to the debate.

They said they agreed with the analysis that Scotland could be a successful independent country and change would provide “an expanded range of economic policy levers” to be tailored to the “needs and circumstances” of the economy.

Ms Sturgeon said she would meet company staff next month and hoped to “reassure” them about concerns highlighted in the report.

The deputy first minister added the Weir Group was opposed to devolution before the 1979 and 1997 referendums for a Scottish Parliament.

Ms Sturgeon said: “They warned then of consequences that simply did not materialise.”

Mr Swinney claimed that independent countries of Scotland’s size had “considerably larger” manufacturing sectors than the UK and were able to offer more support to companies than Britain currently did.

“The concerns in this report have been overtaken by the revelation from a UK minister that, if Scotland votes for independence, there will be a currency union,” he said.

“The admission by the UK Government that its position on currency is purely political tactics has hugely strengthened the Yes case, and shows business that our proposals for a currency union are in everyone’s best interest,” added Mr Swinney.

He said that economist Anton Muscatelli and others had said that rejecting a currency union would be an “act of economic vandalism for the rest of the UK”.

He claimed that agreement on pensions could be reached in the same way as had been achieved in Ireland.

Mr Swinney said: “With the full powers of independence we can give the real boost to manufacturing that is needed, boosting investment and creating jobs.”

Ivan McKee, a director with pro-independence group Business for Scotland, claimed the absence of a sterling area across the UK would result in annual £500million transaction costs.

“It simply doesn’t add up,” he said.

“I am in no doubt that an independent Scotland will be positive for the economy and the wider community. It is the business opportunity of a lifetime.”