The Hunter Foundation has commissioned an independent study by Oxford Economics that draws on the lessons and successes of Singapore – one of the world’s most prosperous nations – to hopefully inform a debate on Scotland’s future.

The findings delve into the strategies used to transform its economic outlook over the past 60 years from a country with a GDP per capita less than a quarter of the UK’s, to the eighth highest GDP per capita globally, surpassing the UK along the way.

Sir Tom Hunter said: “Singapore and Scotland are two small countries with similar sized populations, but significantly different economic outlooks. Why are they getting it so right when we are going backwards in managed decline?

“We once led the world in almost all key areas from invention to education; commerce to philanthropy. Phones, TV and penicillin all came from Scotland and Glasgow was the second city of the Empire.

“The current state of our nation does not reflect our potential. In education, we have had falling standards for the past 20 years. Our health outcomes are the worst in Europe and amongst some of the worst in the world. We are sitting on a demographic ticking time bomb - the number of people over the age of 85 will double in the next 20 years while the number of working age citizens will decline.

“The report doesn’t claim to have all the answers, but its in-depth academic research demonstrates how a small country with a similar population has positioned itself as a global powerhouse over the past 60 years by having a clear focus on where it wants to be.

“It’s not outrageous to think we could reclaim our place on the global stage once again, but we need to be truly radical, bold and ambitious if this is to be achieved.” Hunter continued.

Some standout insights from the report focus on Scotland’s potential to create a business-friendly environment centred on trade, a strategy for attracting more and value-added inward investment with pro-business policies, low levels of taxation and a market-driven healthcare system.

At a glance, comparisons between the two countries highlight some stark contrasts:

Sir Tom Hunter added: “The status quo is completely unacceptable. Change needs to come and it needs to be radical – tinkering will only yield further decline.

“The most important lever available to incentivise entrepreneurs and business is tax. Neither the Scotland or UK governments have chosen to use these levers to their full potential.

“Let’s make Scotland a low tax economy where we welcome entrepreneurs and wealth creators. They will innovate, create new jobs, and our tax take will go up allowing Scotland to spend more on education and health care.

“The UK and Scottish governments continue to punish the entrepreneurial community – the value creators – with yet more tax. A different tack needs to be taken. Nothing is free in Singapore, but here everything seems to be, and the Pound printing machine can’t keep up. No country has ever taxed its way to growth.

“To build Scotland’s economy and the future for the next generation of Scots we need a low tax regime, a new model for health and social care, and a housing and planning policy that works in an accelerated manner.

“To do this we need a coalition of all the talents, political, business, civil society, to unite around a ten-year plan and draw our world class talent together as one. Leadership is key and perhaps we need to rethink how we reward our leaders – the Prime Minister of Singapore is paid $2.2m and our First Minister £165k. Why?

“Let’s unite to build and deliver a growth strategy for Scotland.”