SFE responds to 2024 UK spring budget statement

Commenting on today’s budget statement, Sandy Begbie CBE FRSE, Chief Executive, Scottish Financial Enterprise, said:

“With a general election approaching, today’s Budget was an opportunity for the UK Government to boost business and public sentiment on the economic outlook and set out a path towards a lower tax, higher growth economy.                                                                

“The National Insurance reduction will be welcome news for families in Scotland, lowering cost pressures and providing a much-needed lift to consumer confidence.

“Measures to improve business investment, including the New Savings Bond and British ISA, will be viewed positively by retail and institutional investors and help savers benefit from the growth of UK companies.

“Businesses in Scotland and across the UK are looking for a level of certainly, continuity, and stability that has been lacking for too long in UK and Scottish politics.

“We would like to see a greater level of ambition and a clearer long-term economic plan for inclusive growth and a net zero economy, aimed at unlocking private investment and ultimately expanding the tax base to help us better fund vital public services.

 “Scotland’s financial services industry has a key role to play here, and our sector growth strategy highlights our ambition to add between £4bn-£7bn to the Scottish economy over the next five years.

 “Greater collaboration between the Scottish and UK Governments and a much clearer alignment in terms of tax, investment, and broader economic policy are core to us achieving these aims.”