Scottish quantum technology research could be worth £1bn to the economy over the next 10 years, according to a government minister.
Neil Gray, wellbeing economy, fair work and energy secretary, made the comment as he visited a ‘world class’ research hub at the University of Glasgow this week.
Mr Gray, who attributed a £15bn boost to government coffers to a ‘progressive’ income tax regime and oil revenues, said: “I’m grateful to the University of Glasgow for showing me their world-leading quantum technology research, which could be worth £1 billion to our economy within seven years, highlighting just how bright Scotland’s future could be outside of the UK.”
Mr Gray visited the Mazumdar-Shaw Advanced Research Centre at the university to learn about the ‘significant economic potential of quantum technology to Scotland’s economy’. Recent research has suggested the sector could be worth £1bn to Scotland by 2030.
The visit came as new ‘GERS’ figures showed revenue for Scotland increased by 20.7% (£15bn) compared with 11.3% for the UK as a whole. This includes a £1.9bn increase in revenue from Scottish income tax and £6.9bn increase in North Sea revenue. These increases have partially been offset by a rise in spending on cost of living measures and interest payments on UK Government debt.
Mr Gray added: “I am pleased that Scotland’s finances are improving at a faster rate than the UK as a whole, with revenue driven by Scotland’s progressive approach to income tax and our vibrant energy sector. While the record revenues from the North Sea show the extent that the UK continues to benefit from Scotland’s natural wealth, these statistics do not reflect the full benefits of the green economy, with hundreds of millions of pounds in revenue not yet captured.”