Three specialists with extensive experience have been recruited to form Aberdeen City Council’s first Economic Policy Panel.
Earlier this year it was agreed a panel should be created with a remit of advising on the economic performance of the city and the region.
It follows Aberdeen City Council’s success in becoming the first local authority in Scotland achieve a credit rating and turn to the capital markets, raising £370m through a London Stock Exchange bond issue in November 2016 to support a £1bn capital programme.
The panel is tasked with assessing performance against the region’s overarching economic objective of inclusive growth, in support of the Council’s annual credit rating assessment.
A national recruitment exercise was undertaken and last week (August 23) the appointment of the three preferred candidates was approved by full Council.
Stephen Boyle, Dr Hanan Morsy and Douglas Peedle have been chosen to form the panel. Mr Boyle is the chief economist at the Royal Bank of Scotland Group plc, Dr Morsy is the lead economist (Southern and Eastern Mediterranean) for the European Bank for Reconstruction and Development (EBRD) and Mr Peedle is chief economic Adviser to the States of Jersey.
Aberdeen City Council co-leader Cllr Douglas Lumsden, convener of the Finance, Policy and Resources committee, said: “To have such a knowledgeable and experienced group in place is of great benefit, not only to Aberdeen City Council but to the region as a whole.
“The Council is committed to playing a key role in economic growth and recognises the importance of independent expertise. We look forward to working with Stephen, Hanan and Douglas going forward and to utilising the insight, analysis and experience they bring.
“We have agreed that the panel’s annual economic report will be forwarded to the Scottish Government Council of Economic Advisors, which advises Ministers on how to best position Scotland among the world’s most competitive economies, to support the work of its members.”
Aberdeen makes a significant contribution to the Scottish and UK economies – with a GVA contribution of over £18bn and a GVA per head of £36,726, which is 55% higher than the Scottish average.