Billionaire tax exile backs Scottish independence

Writing in the Scotsman newspaper McColl argued that "Scotland requires the levers of full economic control" in order to escape recession, and said the British government had failed to recognise the importance of the construction industry.

"I have argued that full fiscal autonomy should be offered to Scots in a referendum," McColl said. "However, no such option is gaining enough support to be realised in time to make the difference we all want to see for this and future generations."

"It appears that only independence as defined by the Scottish government, an independent nation within this social union and common market of the UK, will allow England and Scotland to pursue distinct economic policies in the face of different demands and competitive pressures."

STUC economist Stephen Boyd responded that McColl had said "nothing of substance at all."

"This is typical of lots of businessmen when speaking on economic policy - there is nothing of substance here at all.

"Jim McColl has not addressed any of the big issues, he says nothing about what levers Scotland would have if it entered into the sort of currency union he's described.

"You can't on the one hand be talking about the brave new world of independence whilst on other hand constraining yourself by a currency union with the UK."

Billionaire Mr McColl is a member of Alex Salmond's council of economic advisers which met today morning.

A resident in the tax haven of Monaco, Mr McColl has claimed that the term tax exile in reference to him is "not a fair phrase."