SFE responds to Programme for Government

Commenting on this afternoon’s Scottish Programme for Government, Sandy Begbie CBE, Chief Executive, Scottish Financial Enterprise, said:

“We fully support the priorities the Scottish Government has set out today of eradicating child poverty, tackling climate change, and improving public services, which are laudable and important ambitions. But only genuine, long-term economic growth will help sustainably deliver these priorities and it is vital that the Scottish Government adopts this as its guiding priority.

“In this regard it is encouraging to see the commitment to deliver a co‑ordinated programme to attract investment in priority areas like renewable energy and infrastructure by implementing the recommendations of the Investor Panel and aligning government and public bodies behind this approach. SFE will continue to work closely with the Scottish Government to ensure early engagement with investors to explore new funding mechanisms such as blended finance and guarantees. The commitment to remove barriers to planning and consent in these areas is also very welcome and will, in turn, incentivise private sector investment.

“To turbocharge our economy we must put our largest value adding sectors, like financial services, front and centre of Scotland’s economic agenda. Our sector has the potential to add between £4bn - £7bn GVA to the Scottish economy over the next four years and unlock vital investment in the energy transition. We have all the ingredients to be the engine of growth in the Scottish economy and we are determined to play our part.

“Businesses instinctively understand the fiscal constraints facing the Scottish 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. Bold action is still required on long-standing structural issues like skills gaps, productivity, and public sector reform. 

 “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.”