BUSINESSMAN Jim McColl has called for Holyrood to have full control over its finances by 2020.

 

Mr McColl, who runs Clyde Blowers Capital, said full fiscal autonomy would give Scotland "meaningful powers" to grow the economy and close the public spending gap.

In an interview with the BBC, Mr McColl, who backed the Yes campaign in the independence vote, said there did not have to be another referendum.

He said: "If you want to avoid something like that happening again, you really have to be a bit more open about what you're going to devolve.

"There's an opportunity to do that just now and I think if you don't do it, then it's just going to be one of those things that hangs over us for a long time."

Mr McColl reportedly suggested that full fiscal autonomy could be phased in over the term of the next UK parliament, which ends in 2020.

He added: "It takes time to do the transition and you would have to have some sort of transition between the Barnett formula dropping off and the new way of working coming in."