Following its sale of a £370 million bond, Aberdeen City Council said it has recruited three markets specialists with extensive experience to form the council’s first Economic Policy Panel.

The panel will comprise Hanan Morsy, lead economist (Southern and Eastern Mediterranean) for the European Bank for Reconstruction and Development (EBRD); Stephen Boyle, chief economist at the Royal Bank of Scotland Group; and Douglas Peedle, chief economic adviser to the States of Jersey.

The council said it agreed that the panel’s annual economic report will be sent to the Scottish Government Council of Economic Advisors, which advises ministers on how to best position Scotland among the world’s most competitive economies.

“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,” said the council.

“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 £370 million through a London Stock Exchange bond issue in November 2016 to support a £1 billion capital programme.”

The panel will be tasked with assessing performance against the region’s “overarching economic objective of inclusive growth, in support of the council’s annual credit rating assessment.”

The council said Aberdeen makes a significant contribution to the Scottish and UK economies with a GVA (gross value added) contribution of more than £18 billion and a GVA per head of £36,726 — 55% higher than the Scottish average.

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 recognise 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.”