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04 October 2017

FSB: Lacklustre growth figures show that priority must be local economies

Reference number: SPUR0410

Official statistics published today show that the Scottish economy grew by 0.1 per cent in the second quarter of 2017. The UK economy grew by 0.3 per cent over the same period.

Andy Willox, FSB’s Scottish policy convenor, said: “No-one with a stake in the success of Scotland’s economy – and that’s all of us – should be pleased with today’s lacklustre economic figures.

“Business confidence in Scotland, and across the UK, fell sharply in the third quarter of this year, with firms pointing to spiralling overheads and political uncertainty associated with Brexit. Therefore it is perhaps unsurprising we’re also seeing the wider economy performing poorly.

“To charge growth, Ministers in Edinburgh and London must ensure all of their plans are geared towards boosting local economies. We’ve made the case to the UK Government for a Brexit-deal that works for the smaller businesses that sustain half of Scotland’s private sector employment. They must deliver.

“In Edinburgh, the Scottish Government must signal their commitment to boosting growth by guaranteeing no new burdens on firms until after the Brexit transitional period.”

 

ENDS