SFE responds to Spring Statement.
Responding to today’s Spring Statement, Sandy Begbie CBE, Chief Executive, Scottish Financial Enterprise, said:
“Today’s Spring Statement is set in the challenging context of war in Ukraine and a cost-of-living crisis that continues to accelerate, putting huge pressure on the economy. In the short-term, measures such as the reduction of fuel duty will be welcomed, particularly by businesses which are passing down costs through their supply chains. The increase in the national insurance income threshold is also a positive step, giving some much needed breathing room to many working families. Some of the poorest households, such as those families with a disability or caring responsibilities who may not benefit from income-related measures, are likely to require more targeted support in the months ahead as the gap between their household income and costs grows. We will continue to collaborate with government and share insights on the impact of the cost-of-living crisis on consumers to identify how best to support these households.
““We welcome the intent of the future tax plan in relation to encouraging greater productivity and incentivising businesses to invest in growth and innovation. As the Chancellor rightly acknowledges, a key defence against falling living standards lies in a successful economy, innovation, and crucially, improving our energy security and continuing to invest in the transition to net zero. Scotland’s world-class financial services and energy sectors will play a pivotal role in this endeavour which will be the focus of discussion at our ‘Financing Energy Transition’ Summit later this year, which the Chancellor has been invited to attend.””
