23 November 2023 | Economy
Prosper Comments on Autumn Statement
Following the presentation of the Autumn Statement 2023 by Chancellor of the Exchequer Jeremy Hunt, Sara Thiam, Chief Executive, Prosper commented:
“The potential closure of the Grangemouth refinery shows the challenges for the Scottish economy and the need to stimulate investment and business growth.
“We welcome the Chancellor’s announcements of full expensing for companies investing in plant and machinery and £4.5bn in funding for manufacturing industries. Grid connections are a major barrier for businesses ready to invest in net zero so the new action plan to cut delays by 90% is very significant, which the Scottish Government should build on with actions to speed up planning.
“The extension of the incentives available for our Freeports and Investment Zones from 5 to 10 years is positive and timely news. While the Chancellor was on his feet, Prosper was with Inverness & Cromarty Green Freeport and the business community setting out the opportunity for the UK, Scotland and the region.
“The freeze on spirits duty, at least until next August, is welcome support for Scotch whisky, especially SMEs, an industry which is so vital to export growth.
“However, it is concerning that public investment is still frozen and there is a real-terms squeeze on many public services, which is putting strain on the fabric of our society and will make it harder to grow and level up the economy.”
Clare Reid is Prosper’s Director of Policy & Public Affairs
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