SCDI welcomes Chancellor’s focus on stability and growth but is concerned with the threat of windfall taxes on investment.
Responding to todays’s Autumn Statement, Sara Thiam, SCDI CEO said:
“The OBR has set out a difficult economic and fiscal outlook, and we therefore welcome the Chancellor’s focus on stability, growth and prosperity. We agree on the immediate priority of tackling inflation and helping people and businesses with escalating costs, including the significant uplift in the National Living Wage.
“The decision to maintain investment in infrastructure and innovation will support the economy now and unleash higher growth potential in the future. We are pleased that the Chancellor has rejected short-sighted calls to cancel projects, such as HS2, and hope that the UK and Scottish governments will be able to agree on improvements to the A75.
“The Government’s need to raise revenues is pressing, but it must now urgently work with the energy industry to mitigate the threat of windfall taxes to investment, including in the Scottish economy. More positively, we welcome deferral of a decision on alcohol duty, including whisky, and will discuss with the Scottish Government how businesses in Scotland can also be supported with their business rates.”
17 November 2022