COMMENTING on today’s announcement of the draft 2023-24 Scottish Budget, Susan Love, head of accountancy body the Association of Chartered Certified Accountants (ACCA) in Scotland said:
“The tax and spending plans unveiled by the Scottish Government, provided few surprises, if little Christmas cheer, for businesses and households across Scotland.
“Most of the tax announcements will not have come as a huge shock, especially given recent tax rises announced by the Chancellor. However, while difficult choices had to be made, many firms will worry about further eroding the spending power of consumers. While we welcome the clarity provided by the Scottish Government about its spending priorities, we need to see extra revenue raised supporting investment in our economy. Lack of access to skilled people remains the overarching challenge for our economy, so boosting investment in skills and employability has to be central to recovery and growth.
“On business rates, with the revaluation taking effect from April 2023, businesses will be relieved that the Deputy First Minister has listened to calls to freeze the poundage rate and maintain the vital Small Business Bonus Scheme. Yet with interest rates going up again and inflation still in double figures, the pressures facing business continue to grow. Many firms would have been hoping to hear more about what the Scottish Government would do to help lighten the load.”