SCC Response to Chancellor’s Statement

Date Posted: 17 Oct, 2022

Responding to the Chancellor’s statement, Charandeep Singh BEM, Deputy Chief Executive, Scottish Chambers of Commerce, said: 

“Today’s plans have effectively pressed the economic reset button following weeks of turmoil and uncertainty. Businesses now need clear line of sight of the UK Government’s economic plans. It must be clear on how businesses will be supported to survive through the difficult months ahead and what measures will be put in place to support long-term growth.

“Our economic research continues to show that energy costs are the single biggest worry for businesses right now and the decision to roll back on the energy support for households and firms from next April is a major concern. We would urge the Chancellor to engage with the business community urgently and provide clarity on the proposed targeted support beyond April.

“The Chancellor clearly has a lot to balance. As well as restoring market stability, the UK Government must not lose sight of other policy levers that must be pulled to support business. Chief amongst them is dealing with labour market shortages which are impacting businesses across the UK, as well as restoring business and investor confidence.”