Understanding Scotland Economy Tracker - November 2024 Insights
Catch up with the latest insights from the Understanding Scotland Economy Tracker (USET) - a quarterly survey of over 2000 people in Scotland.
Past event: Monday 25 November 2024
The latest results for the Understanding Scotland Economy Tracker, which tracks economic confidence and buying intentions over time, suggest a growing lack of optimism over the last three months and pose big questions for Shona Robison ahead of the Scottish Budget.
Scott Edgar, Senior Research Manager of the Diffley Partnership presented the latest findings from data collected at the beginning of November, including:
More than 1 in 6 people (17%) report strained relationships at home because of money
1 in 6 Scots (16%) report an impact on their physical health due to worries about money
1 in 3 people (32%) report an impact on their mental health due to worries about money
Only 15% say that concerns about money matters have not affected them
3 out of 4 people (75%) believe the economy works primarily in the interests of wealthy people
We were delighted to be joined by Sebastian Burnside, Chief Economist at Natwest Group and Tejesh Mistry, Chief Executive at Voluntary Health Scotland. There was also a special guest reflection from Danny Dorling, the Halford Mackinder Professor of Geography at University of Oxford.
The event was kindly supported by The Royal Bank of Scotland.
Credit: Allan Lloyds, Live to Air
Find out more about the research:
About the Speakers:
Scott Edgar, Senior Research Manager, The Diffley Partnership
Scott joined the Diffley Partnership following previous roles in social research in the Electoral Commission and the Ministry of Housing, Communities and Local Government. Since joining the business he has managed a wide range of research projects including two of Diffley Partnership’s regular quarterly surveys in Understanding Scotland and Understanding Business
Scott has significant expertise in statistical data analysis, research design, management of research projects and communication and has worked on several high profile and high impact projects. He has a degree in Political Research from the University of Strathclyde.
Sebastian Burnside, Chief Economist, Natwest Group
Sebastian joined the Royal Bank of Scotland in 2009 and has been Chief Economist for NatWest Group since 2018. His areas of interest include how society adapts to an ageing population; the economics of the climate transition; impact of technology and AI on jobs; the shift to defined contribution pension schemes and the microanalysis of customer transaction data.
Before joining RBS, Sebastian worked as an Economist for Ofcom and PwC. Sebastian holds degrees in Economics from a BSc in Economics from London School of Economics, and an MSc in Economics from The University of Edinburgh. Sebastian is Trustee Director of NatWest Group Retirement Savings Trustee Ltd.
Tejesh Mistry, Chief Executive Officer, Voluntary Health Scotland
Tejesh joined Voluntary Health Scotland as Chief Executive in March 2024. Tejesh has a wealth of experience, working as Director of External Affairs at Venture Trust for 4 years until August 2023; and was Interim Director for Voluntary Action South Lanarkshire (VASLan), a Third Sector Interface.
Tejesh previously held senior roles with the Royal Voluntary Service and with Cycling UK where he led behaviour change programmes to reduce loneliness and to improve physical and mental wellbeing. He was appointed to the Board of Sport Scotland in April 2022.
Danny Dorling, The Halford Mackinder Professor of Geography at University of Oxford
Danny Dorling joined the School of Geography and the Environment in September 2013 to take up the Halford Mackinder Professorship in Geography. He was previously a professor of Geography at the University of Sheffield. He has also worked in Newcastle, Bristol, Leeds and New Zealand, went to university in Newcastle upon Tyne, and to school in Oxford.
His work focuses on housing, health, employment, education and poverty. and his work concerns core issues affecting the economy: housing, health, employment, education, inequality and poverty.
Revisiting capitalism, Adam Smith and entrepreneurship - a new era?
Dr Samual Mwaura discussed a pathway to a new economy that delivers fair and sustainable outcomes with Dr Robbie Mochrie and Fran van Dijk
Past Event: Monday 28th October 2024
Dr Samuel Mwaura of the University of Edinburgh Business School and David Hume Institute trustee discussed his latest thinking on capitalism and entrepreneurship with Dr Robbie Mochrie, author of How to think like an economist and Fran van Dijk, founder and CEO of One Stone Advisors. One Stone is Scotland's first B Corp: a certified company that meets high standards of social and environmental performance, transparency and accountability.
One aspect of Adam Smith’s intellectual legacy has been surprisingly neglected in recent times: his grapples with the paradox of profit.
Smith repeatedly, and resignedly, regarded profit an obscure “garb” and vehemently decried capitalists that profited at the expense of society. Indeed, while profit is incorrectly regarded as a return to capital, Smith and his peers instead associated residual profit with entrepreneurship although both concepts remained loose.
Dr Mwaura will discussed how classical economics had more firmly established interest as the return to capital. Yet, as capitalism emerged, capital rather expediently commandeered profit. Subsequently, profit became the sacrosanct lifeblood of capitalism, and the elephant in the room, unquestioned despite its importance “to our understanding of our economic order and, especially, to an appraisal of its fairness” as Harry Brown, a celebrated Georgist economist, observed in 1945.
This event returned to this neglected debate, first decoupling profit from capital. It then building on Adam Smith and other classical thinkers to develop a radical new understanding of profit as residual errors to eradicate, not maximise, and firmly link this to entrepreneurship. This enables a coherent and readily implementable pathway to a new economy that delivers fair and sustainable outcomes, by design.
This event is bought to you in partnership with the University of Edinburgh Business School.
A recording of the event will be posted as soon as it is available.
Project launch: Transforming the Housing System in Scotland
Watch the launch of a new programme of work with Professor Duncan Maclennan to look at the actions needed to transform the housing system in Scotland.
Past Event: Thursday 19th September 2024
The David Hume Institute launched new programme of work on Thursday 19th September with Professor Duncan Maclennan to look at the actions needed to transform the housing system in Scotland.
The work will look at the actions needed in the whole system from homelessness, unaffordable rents and planning, to skills shortages and supply-chain issues.
Duncan has had a long and internationally distinguished career as an applied economist specialising in housing, neighbourhoods and cities.
His professional roles have spanned senior positions in both academic and government settings, in the UK, Canada and Australia. At the University of Glasgow in the 1980s he established and led the Centre for Housing and Urban Research, and in the 1990s directed the ESRC Cities and Competitiveness Program and Joseph Rowntree Foundation programs on Housing Finance, Housing and the Macro-Economy and Housing and Area Regeneration.
Understanding Scotland Economy Tracker - August 2024 Insights
Catch up with the discussion of our quarterly Understanding Scotland Economy Tracker survey. Hear the results and expert insights and reflections from our panel.
Past Event: Thursday 29th August 2024
We launched the latest findings from our regular survey, produced by the David Hume Institute and the Diffley Partnership, which helps us to track and understand changes in economic attitudes and public opinion over time.
Scott Edgar, Senior Research Manager of the Diffley Partnership presented the latest findings from the survey, the first to follow the General Election.
We were delighted to be joined by Manira Ahmad, Chief Officer at Public Health Scotland and Lesley Ann Gray, Kantar's Strategic Insight Director for Scotland's Food and Drink Industry who gave their reflections and insights.
The data was collected at the start of August, a month after the General Election, against a backdrop of economic insecurity, mounting concern about public expenditure and a wave of anti-migrant riots. You can read the full report here.
The event was kindly hosted by Brodies LLP.
Forgotten Wisdom? Can we learn from the early days of Scottish devolution?
Forgotten Wisdom? Can we learn from the early days of devolution? Stephen Noon discussed his research with Sir John Elvidge and Esther Roberton.
Past event: Tuesday 27th August 2024
This event was the first in our new series, Forgotten Wisdom? which investigates potential lost learning that could be useful today.
Former Special Advisor and University of Edinburgh PhD Candidate, Stephen Noon discussed his research with key figures from the early days of devolution, and if there are key lessons to learn. We had reflections from Esther Roberton former Co-ordinator of the Scottish Constitutional Convention and Sir John Elvidge, former Permanent Secretary.
This event was brought to you by the David Hume Institute in partnership with Women in Public Affairs Scotland. The event was chaired by Eli Harji from Women in Public Affairs Scotland and was kindly hosted by Shepherd and Wedderburn.
Video Credit: Allan Lloyds, Live to Air
About the speakers
Stephen Noon worked at a senior level in government, parliament and politics in Scotland, developing a wide expertise across the range of public policy and political strategy. He was then a Jesuit for seven years, which involved periods of work and studies. He is currently a PhD student at the University of Edinburgh looking at how we do politics in Scotland, with a focus on devolution's promise of a 'new politics'. In addition to the studies, he works part-time in two roles. First, as part of the Public Affairs team for Weber Shandwick in Scotland and, second, as a Research Associate at the new Centre for Public Policy at the University of Glasgow.
Sir John Elvidge was Permanent Secretary to the Scottish Government from 2003 to 2010. He had previously worked in the Cabinet Office and the Scottish Office and has worked in an advisory role with several governments in Europe, China and North America. He is an Adjunct Professor at Shanghai Jiao Tong University and works with the University of Oxford on programmes for leadership and public policy for overseas governments. His report Northern Exposure: Lessons from the first twelve years of devolved government in Scotland was published by the Institute for Government as part of its Inside Out series. Since leaving government, John has been Chair Carnegie UK Trust and the David Hume Institute. He is currently Chair of Edinburgh Airport Ltd.
Esther Roberton was Co-ordinator of the Scottish Constitutional Convention, whose 1995 publication ‘Scotland’s Parliament, Scotland’s Right’ provided the blueprint for devolution. Esther is currently a non-executive director of Scotland’s Futures Forum. She has spent a lifetime in public service, most recently as Chair of NHS Lothian and Fife Cultural Trust. Before that she was Chair of NHS24 and a Non-Executive Director of the Scottish Government. In 2017 she was asked to chair the Independent Review of Legal Services Regulation for the Scottish Government and was a Press Complaints Commissioner from 2007 to 2014.
Risky Business: employment and financial wellbeing?
Catch up with the launch of our latest research which investigates the Great Risk Transfer and the changed relationship between employment and financial wellbeing.
Past Event: Tuesday 22th August 2024
In this event we heard the latest research which investigates the Great Risk Transfer and the changed relationship between employment and financial wellbeing, published in partnership with the Institute and Faculty of Actuaries.
The report examines the impact of the Great Risk Transfer on individuals and society through the changing relationship between employer and employees. What are the implications on productivity and government aspirations for economic growth? This new research builds on our work from 2022, The Great Risk Transfer - have we got the balance right?
Lead researcher, Shelagh Young presented the findings and was joined for reflections by Catherine McWilliam from the Institute of Directors and Allison Barnes from the Money and Pensions Service.
The Economy in Plain English with Robbie Mochrie
Hear Dr Robbie Mochrie discuss how to think like an Economist, and challenge what you think you know about Economics.
Past Event: 3rd June 2024
Journalist Clare English and David Hume Institute Director, Susan Murray were joined in conversation by Dr Robbie Mochrie to discuss, How to Think Like an Economist - Great Economists Who Shaped the World and What They Can Teach Us.
Robbie speaks about how economic thinking emerged, long before there were economists; that good economics is about much more than the economy; how the greatest economic thinkers have enabled us to see the world differently, and how we can make it better. And all in plain English!
This event was broadcast live, and can be viewed on LinkedIn, X and Youtube.
Understanding Scotland Economy Tracker - May 2024 Insights
Catch up with results and insights from Wave 11 of the Understanding Scotland Economy Tracker (USET) - a quarterly survey of over 2000 people in Scotland.
This event launched the latest findings in our quarterly research series. Our regular survey with the Diffley Partnership helps us to understand and monitor changes in economic attitudes and public opinion over time.
Scott Edgar, Senior Research Manager at the Diffley Partnership, presented the latest findings. The recent data shows that healthcare and the cost of living are at the forefront of voters’ minds ahead of the General Election.
We were delighted to be joined by Sebastian Burnside, Chief Economist at NatWest Group and João Sousa, Deputy Director of the Fraser of Allander Institute who give their reflections and insights on the results.
The event was kindly hosted by the Royal Bank of Scotland.
Video credit: Allan Lloyds, Live to Air.
The Economy in Plain English with Torsten Bell
Torsten Bell discusses the problems facing the UK's economy and where we go from here - when will the economy be great again?
Past event: 13th May 2024
Hear journalist Clare English and David Hume Institute Director, Susan Murray in conversation with Torsten Bell, Chief Executive of the Resolution Foundation. He has a background in economic policy, with a current research focus on how to renew the UK’s economic strategy to raise growth and reduce inequality.
In this episode, Torsten discussed his latest analysis from his new book, Great Britain? Described as “a treasure trove of enlightening and original analysis, and a much-needed antidote to the pervading sense that the country’s decline is inevitable or irreversible”.
We also discussed why Britain needs to stop living off its past and invest in the future; how complicated stories are told to justify the lack of investment; and how we need to pay attention to the economy as it is, not as people imagine it to be. Britain has a broad based service economy - if we live off our past, we will continue to remain poor.
This session was streamed live on LinkedIn, X and Youtube.
The Economy in Plain English with Diane Coyle
Hear Professor Diane Coyle discuss “What is economics and what it should be” with journalist Clare English and our Director Susan Murray.
Past event: 25th March 2024
In our fifth conversation of 2024, Journalist Clare English and Director of the David Hume Institute, Susan Murray discuss the Economy in Plain English with Diane Coyle, Professor of Public Policy and Co-Director of the Bennett Institute for Public Policy at the University of Cambridge.
This time we discussed: “What Economics Is and What It Should be”.
The session was streamed live on LinkedIn, X and Youtube.