Scottish Financial Enterprise responds to Chancellor’s Spring Statement

SFE Chief Executive Sandy Begbie CBE said:

“The chancellor’s spring statement underlines the stark reality of the economic situation we find ourselves in. The current inflationary pressures, coupled with stagnant productivity and increasing levels of tax pose significant headwinds to business investment.

“Only genuine, long-term economic growth will help sustainably deliver on the goals of the government, and as our growth strategy set out financial and professional services will play a key role in driving this growth.

“Businesses instinctively understand the fiscal constraints facing the government and the difficult decisions required, but also the need for long-term strategic thinking that will deliver certainty and opportunity for both taxpayers and business. We welcome the government’s articulation of the importance of economic growth, but delivery is key and business will be watching closely for evidence that these promises are matched by action.

 “While welcome the Chancellor’s commitment to public sector reform and reducing the cost to the taxpayer, there also needs to be a recognition that recently announced tax and regulatory changes are damaging to business and jobs. Simply, you cannot tax your way to economic growth and we need to see a clear industrial strategy that will allow business to invest with confidence and deliver real and sustainable growth.”