ACCA comment on 2023-24 Scottish Budget

Tax and spending plans unveiled by the Scottish Government provided few surprises

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.’

- ends - 

For media enquiries, contact:
ACCA News Room
E: newsroom@accaglobal.com
Twitter: @ACCANews
accaglobal.com

About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants.

We’re a thriving global community of 241,000 members and 542,000 future members based in 178 countries and regions, who work across a wide range of sectors and industries. We uphold the highest professional and ethical values.

We offer everyone everywhere the opportunity to experience a rewarding career in accountancy, finance and management. Our qualifications and learning opportunities develop strategic business leaders, forward-thinking professionals with the financial, business and digital expertise essential for the creation of sustainable organisations and flourishing societies.

Since 1904, being a force for public good has been embedded in our purpose. In December 2020, we made commitments to the UN Sustainable Development Goals which we are measuring and will report on in our annual integrated report.

We believe that accountancy is a cornerstone profession of society and is vital helping economies, organisations and individuals to grow and prosper. It does this by creating robust trusted financial and business management, combating corruption, ensuring organisations are managed ethically, driving sustainability, and providing rewarding career opportunities.

And through our cutting-edge research, we lead the profession by answering today’s questions and preparing for the future. We’re a not-for-profit organisation. Find out more at accaglobal.com

 

 

"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."

Susan Love - ACCA