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Business Rates: Significant Issue For Businesses

[ 28-05-2014 ]

Building on the economic analysis of our long-standing survey, the Quarterly Business Survey, Scottish Chambers of Commerce today launches the Financial & Business Services Analysis. With over 100 respondents, represented throughout Scotland, this survey provides a unique insight into the trends of an increasingly important sector of Scotland’s economy.

Commenting on the results, Liz Cameron, Chief Executive, Scottish Chambers of Commerce said,

“The Financial & Business services sector is an integral element of our economy, representing over 15% of total employment in Scotland. Our analysis shows that positive results were observed in the majority of categories.

“Domestic orders and domestic turnover increased from the previous quarter and companies are expecting this to increase in quarter 2 of 2014, showing confidence in the home market. On employment, companies expect staff numbers to increase in the next 12 months and this is in line with other results which show over 40% of companies are looking to increase their investment expenditure over the same period.

“It is encouraging to see financial and business services expecting to increase their intentions to invest and employ. However, challenges still remain. Companies indicated that competition (55%) was the most important factor this quarter compared to the previous one, which is a positive sign for the industry, however this concern was followed closely by concerns over taxation (47%) and business rates (35%).

“The Scottish Government is in direct control of business rates, a tax which continues to be one of the most significant issues for businesses in Scotland today. Although there is a commitment to review some aspects of the system, we need a quickening of pace and urgency with a view towards wider reform. This tax affects the majority of businesses in Scotland and reforming this could be a quick win.”




download: Report_-_Financial_Business_Services_survey.pdf