Comment on the Chancellor’s Autumn Statement

Responding to the Chancellor’s Autumn Statement, David Watt, Executive Director of the Institute of Directors Scotland said: 

“For Scotland with its higher proportion of SMEs and family businesses, the announcement of almost £1 billion to boost start-ups and SMEs businesses is welcome. It is the right move for the future as today’s SMEs are tomorrow’s big businesses. However, we need to see how the support will actually reach the SMEs that are so vital to the growth of our economy.  

“A full review of business rates is positive, and a new system could be a real fillip for the High Street. We await detail of the similar review taking place here in Scotland.

“On oil and gas, the measures announced today are welcome and send a signal that the government have been listening to those in the industry. But the 2% reduction in the supplementary charge rate, extension of the Ring Fence Expenditure Supplement and new cluster allowance are likely to have a limited impact.  The industry will be watching Danny Alexander’s announcement tomorrow on the future of Britain’s oil and gas industry with great interest.”
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