As Scottish politicians look towards May's parliamentary elections, the first minister has sought to focus attention on the economy.

Addressing business leaders in Edinburgh, Jack McConnell said that his administration had a clear vision for delivering economic success.

And he pledged that the Scottish Labour campaign would put increasing prosperity at the forefront of its election campaign.

"Economic growth will be at the centre of that election just as it is firmly at the top of the agenda of Scotland's devolved government," McConnell pledged.

Stressing his aim to create "first class public services", the first minister accepted that more could be done to boost the Scottish economy.

"I believe we have made a good start. We now have more people in work than for a generation. Unemployment is at its lowest since 1975. And our economic fundamentals are strong.

"But while recent figures have shown limited growth in our economy, and while our short term performance has been comparable with some of our EU competitors, we can and must do better," he said.

McConnell also warned that support for the Scottish nationalists would lead to "fresh uncertainty about Scotland's constitutional future".

"I believe the greatest threat to high economic growth would be the instability and risk of a nationalist victory in the Scottish parliament.

"It would threaten investment but also threaten the low interest rates, inflation and unemployment that Scotland enjoys right now.

"I know that some businesses have been tempted by talk of lower business taxes and fiscal autonomy. But I would just say this about the SNP:

"You cannot spend four years attacking 'private profit' week after week in the parliament and then tour Scotland's boardrooms claiming to be the party of business.

"And you cannot spend day after day, week after week, month after month, calling for higher spending and then tell people that you are going to cut their taxes as well. It just doesn't stack up."

McConnell told Scotland's business community not to "sleepwalk into independence with the higher taxes and weaker economy that a nationalist victory would bring".

But SNP leader John Swinney called for a "real debate" on the future of the Scottish economy.

"We have a choice facing us. It is a choice between the status quo - with the low growth rates, falling business start-ups and poor education that come with it - or we can move on," he said.

"We can choose between being divorced from the powers we need to grow the Scottish economy or we can take control of our economy for ourselves and deliver the jobs, prosperity and quality public services we need.

"I want to lead a government that puts the achievement of economic growth at the heart of all it does to ensure we transform the life chances of people in Scotland."

Swinney called on McConnell to "start addressing the concerns of small business rather than putting them at a disadvantage".

"He should start acting like a first minister rather than engaging in the tired old arguments of fear."