The speech set out measures for effective industrial policy in an independent Scotland, including a programme of targeted investment through the building a new Scotland fund. Modelling shows that a fund of an equivalent scale to the proposed building a new Scotland fund would have both a short-term demand effect and a longer-term supply effect by increasing long-term productive capacity and providing a sustained boost to the economy. The speech also highlighted how Scotland lacks macroeconomic powers, including over migration, with economic modelling suggesting that, with higher levels of migration, a growing labour force would have a positive economic impact.