The Scottish business landscape is currently facing a challenging environment, with rising costs and a lack of confidence impacting investment and growth. The article highlights the recent history of economic shocks, including Brexit, the Covid-19 pandemic, Russia's invasion of Ukraine, and the Liz Truss mini-Budget, which have all contributed to the current situation. The author, Charandeep Singh, CEO of the Scottish Chambers of Commerce, emphasizes the need for both the Scottish and UK governments to take action to support businesses and boost confidence. He argues that while the recent removal of US tariffs on Scotch whisky and the early introduction of a trade deal with India are positive steps, more needs to be done to address the underlying issues. Singh highlights the importance of business investment in the economy and the need for governments to create conditions that encourage investment, hiring, and growth. He suggests that reform of business taxes, a more competitive tax system, a reduced regulatory burden, long-term policy stability, and affordable energy would go a long way towards improving confidence and unlocking investment. However, he acknowledges that businesses do not expect governments to solve every challenge and that confidence is shaped by the ability to see a path to lower costs, greater certainty, and future growth. Overall, the article provides a thoughtful and engaging analysis of the current state of Scottish businesses and the steps that need to be taken to support their growth and development.
