Understanding Business- March 2024

In the fourth edition of Understanding Business, we provide a comprehensive overview of the current business outlook in Scotland.

Our report finds that businesses in Scotland are navigating a complex economic landscape, striving for growth amidst various hurdles. Key concerns highlighted include the need for reduced taxation to stimulate business growth, alongside challenges posed by rising operational costs and economic uncertainty.

Changes to income tax policies in Scotland prompt considerations among business owners, with anticipated challenges in areas such as payroll management, investment decision-making, talent acquisition and competition with businesses in England and Wales.

As the General Election approaches, businesses assess political party stances on business interests, with divergent views emerging regarding parties perceived to have the best policies for growth and investment.

Recruitment remains a persistent challenge, with businesses grappling with wage demands and a shortage of qualified applicants. Utility and workforce costs continue to be key considerations when it comes to pricing for businesses in Scotland.

You can read the full report here.