Leading economist makes unity plea as he is announced as new chair of Prosper

One of Scotland’s leading economists has called for politicians, businesspeople and civic society to unite and support the tens of thousands of vulnerable people across the country who are living in financial distress.

Graeme Blackett, founder of the consultancy BiGGAR Economics, has warned that low productivity and weak economic growth are blighting too many lives.

Mr Blackett, whose Edinburgh‑based business helps shape public policy and regional strategy across the UK and Europe, has been appointed as the new chair of Prosper.

Latest figures show that 80 per cent of businesses now expect ‘weak’ or ‘very weak’ growth in the Scottish economy over the next 12 months. The Scottish Business Monitor, published by Strathclyde University’s Fraser of Allander Institute (FAI), also found that not one business surveyed expected “very strong” growth. Only 1.5 per cent anticipated “strong” growth in the coming year.

Mr Blackett, 55, said: “There has been low productivity and limited growth in the UK and Scottish economies for two decades.

“As a result, there are too many people struggling to make ends meet and too many people just about getting by.”

But he also said there was room for optimism. “At the same time, there are huge, once‑in‑a‑generation opportunities for the Scottish economy — in the energy transition and also arising from new technologies, such as AI.

“Complexity requires collaboration. We need everyone to work together to identify what needs to be done, and then to do it. Addressing the economic challenges and realising the huge opportunities should not be left to government alone. There is a role for all of us.”

Prosper is unique in bringing together the private sector, civic Scotland and the public sector to work on ways of growing the Scottish economy for the benefit of everyone living in the country.

With the support of Ramsay MacDonald, the Scottish‑born prime minister, Prosper was founded in 1931, when industrialists and civic leaders were worried about rising unemployment during the Depression and the potential for social unrest.

They recognised an urgent need for politicians and all sectors of the economy, along with civic Scotland, to decide what needed to be done to rebuild the economy.

Mr Blackett, who succeeds the lawyer Joanna Boag-Thomson, said: “2026 is an important year for Scottish politics and for the Scottish economy, with the Scottish Parliament elections in May. Politicians often talk about economic policy in terms of pulling levers.

“However, the economy has no control room and it is not a machine. Nevertheless, everything that politicians do matters to the economy — all policy has consequences, sometimes intended and sometimes unintended.

“Rather than a machine, the economy should be thought of as a complex ecosystem. Every part of that system matters and every relationship between the parts matters. The economy is only as strong as the weakest part or the weakest relationship.

“In the most successful economies, the whole system works well and strong relationships are built on trust. These economies adapt and mature over time, taking advantage of emerging opportunities and tackling challenges as they arise.”