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SCC Call For Action on Investment & Opportunity

[ 16-09-2014 ]

Commenting on the news that the CPI rate of inflation fell from 1.6% to 1.5% in August, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:


“Inflation has been below the Government’s target for each and every month of 2014 so far.  Broadly speaking, this is good news for our economy since it eases the pressure on the Bank of England to raise interest rates.  However despite consistently low inflation, prices are still rising ahead of wage increases and this limits the extent that consumer demand can contribute to the growth of our economy in the longer term.


“The focus for economic growth must now be on business investment, which has been picking up this year but needs to be supported in the longer term, and increasing productivity, which will be required to deliver a growth in earnings.  Both of these goals would benefit from the support of Government and, irrespective of the outcome of the referendum on Scottish independence, we will be looking for the Scottish Government budget next month and the UK Government Autumn Statement in December to contain measures targeted at supporting investment and productivity.


“One way of doing this is to target business costs and a fundamental review of business rates would be a useful start, as this is a tax which affects most businesses and, in its current form, can penalise investment in premises.”