Scottish Labour will unveil a new industrial strategy today filled with “bold and radical ideas” to fix Scotland’s “stagnating” economy after official stats showed the nation only narrowly escaped recession.

Ahead of the launch Labour’s shadow economy minister Richard Leonard said: “For too long politicians have been too timid in their approach to industry — believing the market will sort out the economy” when what is needed is a “bold and radical” approach.

The plans include an enhanced Marcora Law — Italian legislation allowing workers to buy an enterprise when it is up for sale or threatened with closure.