Scottish Chambers of Commerce Response to Spring Statement
Dr Liz Cameron CBE, CEO of the Scottish Chambers of Commerce, said: “The Chancellor’s Spring Statement not only confirms businesses fears about poor UK economic growth for 2025 but delivers a huge wake up call to all parts of Government to focus on what levers they can pull to accelerate growth.
“With current growth slashed in half to 1%, the upgraded longer-term forecasts for improvement in the next five to ten years can only be achieved with bold and urgent action to back business.
“The promise of growth a decade from now will mean nothing to businesses uncertain if they’ll survive a year from now. The Government cannot ignore the immediate crisis many enterprises are facing on the basis of forecasts projecting several years into the future. Businesses need support today to secure the economic growth of tomorrow.
“The Chancellor’s focus on the efficiency of Government spending represents a bold step in the right direction. Reducing costs and boosting productivity are things which businesses must think about on a daily basis, and it is right that the Chancellor should treat public finances in the same way.
“Scotland’s economy relies on international trade. Strengthening ties with the EU and global markets is essential to secure growth and competitiveness. We urge the Government to step up collaboration with the business community to turn this challenge into an opportunity. The future of our economy depends on it.”
ENDS
