BUSINESSMAN JIM McCOLL BACKS FISCAL AUTONOMY

BUSINESSMAN JIM McCOLL BACKS FISCAL AUTONOMY

TYCOON SAYS CURRENT FUNDING SET-UP "LONG PAST SELL-BY DATE"

SNP Treasury spokesman Stewart Hosie today (Wed) welcomed leading entrepreneur Jim McColl's endorsement of full fiscal autonomy for Scotland. Writing in the Herald today, Mr McColl, one of Scotland's most successful businessmen and chief executive of Clyde Blowers, said the Barnett Formula was "long past its sell-by date and no longer has any credibility" - and should be replaced with fiscal autonomy.

It is the second high-profile backing for financial independence for Scotland in just a week, following Sir Tom Farmer's endorsement last week, in which he said the case for fiscal autonomy was now "overwhelming".

Mr Hosie said:

"Jim McColl's unequivocal backing of fiscal autonomy is hugely welcome. He is one of Scotland's most respected entrepreneurs and knows exactly what is needed for successful companies and a successful country.

"Coming so soon after Sir Tom Farmer's similar endorsement, this proves the case for financial independence is now overwhelming.

"At a time when all the London parties are sizing up Scotland's budget for savage cuts, we need the ability to grow our own economy to spread wealth and help protect vital public services.

"The time has come for Scotland to take full responsibility for its own finances."