Scotland’s Future: Lessons from Singapore & Bold Ideas for Change

Episode Summary

In this pivotal episode, Sir Tom Hunter and Lord Willie Haughey explore Scotland’s economic crossroads, drawing inspiration from Singapore’s transformation. They’re also joined by Willie Watt, Chair of the Scottish National Investment Bank (SNIB), who shares insights into how SNIB is tackling inequality, housing, and net zero challenges through strategic investment.

This episode is a rallying cry for bold leadership, long-term planning, and radical reform to secure Scotland’s future.

Episode Summary

[01:08]

Scotland’s Decline: A State of the Nation Address

Education, NHS, and economic performance in decline.

Reference to the PISA study and Scotland’s fall in global rankings.

[06:10]

Learning from Singapore

Singapore’s transformation from poverty to prosperity.

Leadership, vision, and execution under Lee Kuan Yew.

[09:24]

Housing Emergency in Scotland

One year after declaring a housing emergency, fewer homes are being built.

The need for policy stability to attract investment.

[12:38]

The Case for Radical Reform

Scotland’s managed decline and the call for a second Enlightenment.

Clean energy and housing as twin pillars of recovery.

[16:23]

Fiscal Autonomy & Tax Policy

Proposal for Scotland to become an enterprise zone.

Discussion on income tax disparities and attracting talent.

[20:23]

Leadership & Governance

The need for competent, well-paid leadership.

Comparison with Singapore’s meritocratic system.

[26:44]

Immigration & Skills

Scotland’s demographic challenges.

Call for a merit-based immigration system and skills revolution.

[31:57]

Planning Reform & Business Growth

Planning delays stifling economic development.

Singapore’s 35-day planning approval vs. Scotland’s 150+ days.

[34:50]

Tax Take vs. Tax Rate

Encouraging wealth creators to invest in Scotland.

Importance of stable, growth-oriented tax policy.

[42:08] Guest Segment: Willie Watt, Chair of SNIB

About SNIB

Established by an Act of the Scottish Parliament with cross-party support.

Mission: Use commercial finance to address long-standing structural issues in Scotland:

Inequality

Net Zero Transition

Productivity & Innovation

Key Insights from Willie Watt

[43:20]

Funding Challenges

SNIB is not funded like a traditional bank.

Operates under restrictive fiscal rules—must use capital within the financial year.

Advocates for multi-year funding flexibility and reinvestment of profits to become a perpetual institution.

[46:08]

Investment Focus Areas

Affordable Housing: 750+ units funded through Thriving, targeting essential workers.

Innovation: Investment in Utopi, a SaaS platform for smart building energy management.

Net Zero: £50M invested in Port of Ardersier, a strategic offshore wind hub.

[52:22]

Planning & Policy Bottlenecks

Planning delays are a major barrier to investment.

Advocates for a presumption in favor of development, similar to Portugal.

Warns that Scotland risks falling behind if England’s planning reforms outpace Scotland’s.

[59:03]

What SNIB Looks for in Businesses

Scale-up stage with proven revenue and strong leadership.

Investment range: £2M–£10M, with potential for follow-on funding.

Preference for businesses with:

Disruptive potential

Intellectual capital

Realistic, robust business plans

[01:02:11]

SNIB’s Role in Solving the Housing Crisis

SNIB is ready and willing to support housing solutions.

Emphasises the need for collaboration with government and policy stability to unlock private investment.

Resources: The Hunter Foundation - Singapore Report. https://www.thehunterfoundation.co.uk/

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