Latest news with #ScottishChambersofCommerce
Scotsman
03-07-2025
- Business
- Scotsman
National insurance burden ‘life or death' for Scottish firms as hiring and investment frozen
'These survey results highlight major concerns and challenges for Scottish businesses as a direct result of rising costs' – Doug Smith, SCC Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Scottish businesses across all sectors are feeling the strain of April's 'life or death' hike in employer national insurance payments, putting growth plans on hold, a key study today warns. The survey of more than 400 firms north of the Border found that while confidence and sales have actually improved over the past quarter, ongoing cost pressures and concerns continue to impact growth and investment. Advertisement Hide Ad Advertisement Hide Ad The latest Scottish Chambers of Commerce (SCC) quarterly economic indicator, which is produced in partnership with the University of Strathclyde's Fraser of Allander Institute, found that taxation concerns have risen sharply in the past year, with 70 per cent of businesses citing increased worries regarding taxes, compared to 50 per cent in the second quarter of 2024. A worker's payslip showing details of their employer's national insurance contributions. The SCC's report also highlights 'significant challenges' around cashflow and profits, despite positive sales trends across the board. On balance, both cashflow and profits have seen contraction over the second quarter of 2025. Meanwhile, the number of firms expecting to raise their prices during the coming quarter has risen to 65 per cent, compared to 50 per cent a year ago. Pressure from labour costs has risen by 15 per cent in one year. Nearly nine in ten - 86 per cent - of firms were experiencing increased pressure from labour costs during the most recent three-month period, compared to 75 per cent for the same quarter last year. Advertisement Hide Ad Advertisement Hide Ad The latest poll also showed staff hiring had stalled, as more than half of all firms - 55 per cent - reported no changes to staff levels and 65 per cent expect no change in the next quarter. Liz Cameron, chief executive of the Scottish Chambers of Commerce (SCC). Doug Smith, vice president of the Scottish Chambers of Commerce and chairman of the SCC Economic Advisory Group, said: 'The latest findings paint a troubling picture: investment is frozen, employment is stagnating and concerns are growing around taxation at a time of economic uncertainty around tariffs, immigration, tax and general fiscal policy. 'These survey results highlight major concerns and challenges for Scottish businesses as a direct result of rising costs, particularly the increase in employer national insurance contributions (NICs). Every obstacle to sustaining cashflow and profits has a direct impact on confidence, investment, growth and jobs across all sectors.' He added: 'The lack of skills is a real challenge not just in meeting the demand of future projects but also in completing current and day-to-day work. We need a clearer focus from both governments on matching education to the needs of business.' Advertisement Hide Ad Advertisement Hide Ad The survey was conducted between May 12 and June 9 and 405 firms responded. Combined, those companies employ in the region of 50,000 people. Of those firms, 92 per cent were classed as small and medium-sized enterprises (SMEs) - businesses with less than 250 people. The latest economic indicator was reinforced by insights from the Scottish Economic Advisory Group, which raised concerns around skills shortages in sectors such as construction, engineering and manufacturing, alongside the 'misalignment of education priorities with the practical needs of business'. The group also emphasised the intense cost pressures of NICs - described as 'life or death' for microbusinesses, and particularly tough for SMEs - as well as increased taxation, and energy costs significantly higher than the rest of Europe. The group claimed that it has proven 'nigh on impossible to recruit in construction, and businesses are struggling to maintain labour forces to meet demand'. Fiona McKee, founder of The HR Practice, said: 'It is increasingly difficult to recruit skilled workers, and salary expectations are unrealistic, pushing costs up on top of employer NICs.' Advertisement Hide Ad Advertisement Hide Ad The issue of tariffs was also raised by businesses with overall taxation concerns increasing again over the quarter and over the year. Survey fieldwork began a month after Donald Trump's so-called 'Liberation Day', which saw the US president unveil new tariffs on imports. In the report, one small manufacturing firm in Ayrshire noted: 'At the moment they are 10 per cent on our products. Should they be any higher it could be a serious problem.' Barriers Liz Cameron, chief executive of the SCC, said: 'While agreements have been reached between the US and UK governments to remove barriers, we urge ongoing cooperation and collaboration to rebuild business confidence and restore certainty. 'The new agreements with the EU and India are pragmatic moves towards building strong trading relationships with our economic partners. These will reduce costs, cut red tape and make it easier for Scottish businesses to compete and grow across the world. However, more still needs to be done on people and migration to attract skilled talent, with a migration system aligned with the needs of Scotland's economy.' Advertisement Hide Ad Advertisement Hide Ad Professor Mairi Spowage, director of the Fraser of Allander Institute, added: 'Economic conditions remain challenging across the UK as we go into the summer months. After healthy growth in January and February, we have seen contractions in March and April, which means the size of the economy in Scotland is essentially the same as it was six months ago. 'Businesses reported a slowdown of activities in the first quarter compared to the same period last year. This decline in activity may reflect the impact of increases to employer national insurance contributions (NICs) as well as uncertain conditions, particularly from trade and tariff decisions taken by the US government.
Fibre2Fashion
15-06-2025
- Business
- Fibre2Fashion
UK's Scotland Office to fund SCC to launch new global trade initiative
The Scotland Office, responsible for Scottish affairs in the Briitish government, will fund the Scottish Chambers of Commerce (SCC) to launch a new international trade initiative, Scottish secretary Ian Murray recently announced. The collaboration will be supported by a grant of £100,000 ($135,650) to promote Scottish goods and services and bring foreign direct investment into Scotland, a British government release said. The UK Scotland Office will fund the Scottish Chambers of Commerce to launch a new global trade initiative, Scottish secretary Ian Murray said. The collaboration will be backed by a $135,650 grant to promote Scottish goods and services and bring FDI into Scotland. “Boosting Scottish exports and selling the best of Scotland overseas is a key lever in delivering economic growth at home,†he said. Murray has been working with business groups as part of his Brand Scotland programme. For the first time in more than two years, the Scottish Business Growth Group was convened in Edinburgh on June 13, bringing the UK and Scottish governments together with business leaders to discuss how they can deliver economic growth. The forum, jointly chaired by Murray and the Scottish government's minister for business Richard Lochhead, brought together officials from both of Scotland's governments alongside business representatives and the Scottish Trades Union Congress. 'With the UK Government committing to significant increases in defence spending, there are huge opportunities for Scottish workers and defence firms….On nuclear power, the announcement this week of UK Government investment for Sizewell in England is a reminder of the huge potential of nuclear power. Thousands of skilled jobs and billions of pounds of investment could come to Scotland, but only if both governments work in partnership with industry to unlock those opportunities,' Murray said. 'Boosting Scottish exports and selling the best of Scotland overseas is a key lever in delivering economic growth at home. Our Brand Scotland programme, boosted by £2.25 million in the Spending Review, will do just that,' he added. Fibre2Fashion News Desk (DS)
The Herald Scotland
09-06-2025
- Business
- The Herald Scotland
Scotland Office leads trade mission in Spain
A total of 16 Scottish female entrepreneurs, led by UK Government Minister Kirsty McNeill and the Scottish Chambers of Commerce (SCC), will arrive in Madrid today. Their mission comes after a report, first covered by The Herald, found that trade in Scotland could increase by more than £10 billion over two years if women-led businesses exported at the same rate as those led by men. The Gender Export Gap Report, commissioned by the Scottish Government, found that if women who lead small and medium-sized enterprises exported at the same rate as male-led exporters, it could increase total turnover by between £2.1bn and £6.3bn over one year, with this potentially increasing to over £10bn over a two year period. Scotland Minister Ms McNeill has voiced she wants the UK to be 'a leader' in promoting gender diversity in international trade. Those involved, including the chief executive of Scottish Chamber of Commerce Liz Cameron, will meet with Spanish entrepreneurs, business leaders and politicians to address the Scottish gender export gap and promote Brand Scotland. Taking place through events in Barcelona and Madrid, ministers said the mission will help Scottish firms 'boost exports, inward investment and kickstart economic growth'. During her trip to Spain, Ms McNeill will also discuss future plans for two shipyards in Scotland with the CEO of Navantia UK, a Spanish ship building company which recently took over the British shipbuilder Harland & Wolff. It currently runs operations across four UK sites including Methil and Arnish in Scotland. READ MORE: 'Scottish trade could create billions through women-led businesses' What Keir Starmer's new UK–EU agreement means for Scotland Figures from last year show Spain is the UK's seventh largest trading partner and it is Scotland's 10th with total trade in goods and services (exports plus imports) being £64.6 billion. The UK is the number one European destination for Spanish investment (€83 billion stock). On Tuesday in Barcelona, the Minister will also meet the President of Catalonia, Salvador Illa to discuss new opportunities for trade and investment for both the UK and Spain. This visit marks the first Brand Scotland trade mission since the signing of a partnership agreement between the Scottish Chambers of Commerce and the Scotland Office on Friday. The deal, backed by a £100,000 UK Government grant, is focused on showcasing Scottish businesses globally and attracting inward investment. UK Government Scotland Office Ms McNeill said: "I'm very proud to be teaming up with the Scottish Chambers of Commerce and fantastic Scottish women entrepreneurs on a trailblazing mission to Spain to help kickstart economic growth, create jobs and attract investment to Scotland as part of the UK Government's Plan for Change. "I want the UK to be a leader in promoting gender diversity in international trade and this is a unique opportunity for our women business leaders to build international connections, explore market opportunities, and connect with other female entrepreneurs in one of Scotland's and the UK's largest EU markets. "Through Brand Scotland, we are now giving our country the global platform it deserves." Last year, Scotland's goods exports to Spain reached £0.7 billion, with food and drink leading the way at over £212 million. Most recent figures show that Spain was the number six export destination for Scotch whisky, with sales worth £196 million in 2024. Spain is also among the most valuable destinations for Scottish seafood exports, including a top 20 destination for Scottish salmon exports. Chief Executive of the Scottish Chambers of Commerce Dr Liz Cameron CBE said: "This trade mission marks a bold step forward in advancing Scotland's global trade ambitions. "By connecting some of our most dynamic women entrepreneurs and leaders with key players in Barcelona, we are opening new doors of opportunity, innovation, and growth. "Scotland's businesswomen are global in their outlook, ambitious in their vision, and ready to lead the way in forging deeper connections around the world. 'The collaboration between the Scottish Chambers of Commerce and Scotland Office is a powerful partnership which will boost business growth, increase exports, and champion Scotland as a world-leading trading nation. "This mission expands our market access and ensures the future of our business community is more representative, resilient, and internationally competitive." The mission follows the Prime Minister Sir Keir Starmer securing an agreement with the European Union last month which aimed at resetting relations after post-Brexit disruption. The deal includes an extension of EU fishing rights in UK waters until 2038. This 12-year continuation maintains current access arrangements, which were initially set to expire in 2026. The UK Government argues that the move provides stability and certainty for the fishing sector. However, Scottish fishing communities and the Scottish Government have voiced strong opposition. The agreement also includes a Sanitary and Phytosanitary (SPS) Agreement, which aligns UK food safety and animal health standards with those of the EU. This alignment is expected to eliminate most routine border checks on animal and plant products between Great Britain and the EU. It will also permit the export of some previously restricted products, including burgers and sausages, back into the EU market. For Scotland, this is significant, facilitating smoother exports for key sectors such as seafood and agriculture. However, it also means that the UK, including Scotland, must adhere to evolving EU regulations in these areas.
The Herald Scotland
05-06-2025
- Business
- The Herald Scotland
UK Government funds new ‘Brand Scotland' trade mission push
Scottish Secretary Ian Murray said the aim was to leverage Scotland's already strong international reputation. 'No matter where you go in the world, when you tell people you are Scottish their eyes light up,' he said. 'We want to give Scotland a global platform to sell everything our brilliant country has to offer — from whisky and seafood to our world-class services.' READ MORE In recent weeks, the UK Government has secured trade deals with the United States, India and the European Union. Mr Murray said this presented 'a huge opportunity for Scotland's economy — with the most populous country in the world, the richest country in the world and our most important market'. He added: 'The Scotland Office will be Scotland's window to the world. 'That is why I am so excited about this partnership with the Scottish Chambers of Commerce, which will create valuable opportunities for Scottish firms and help kickstart economic growth as part of our plan for change. 'I have already been to Norway, Singapore, Malaysia and the United States to bang the drum for Scotland — and with this partnership, we will take businesses to even more markets, starting next week with a trade mission to Spain.' Scottish Secretary Ian Murray (Image: PA) Liz Cameron, chief executive of the SCC, said: 'We are excited to work with the Scotland Office. This grant will empower us to deliver impactful trade missions that strengthen Scotland's global presence, help more businesses trade internationally and encourage more investment into Scotland.' READ MORE The UK–India free trade agreement is expected to sharply reduce India's steep import duties on Scotch whisky. Scotch remains Scotland's most famous export — worth £5.6 billion in 2023, with around 1.35bn bottles shipped worldwide. Yet India has traditionally imposed a 150% tariff on imports, severely limiting Scotch's reach. It will now be halved to 75%, dropping to 40% after 10 years. The Scotch Whisky Association believe the deal could result in £1bn of extra exports in five years, plus 1,200 new jobs. The new agreement with the European Union, has been welcomed by exporters. The Scottish salmon industry has estimated that between 2019 and 2023, Scottish Salmon export values experienced a net loss of around £75m. The deal with the EU should make it significantly easier to sell Scottish goods to European markets.
The Herald Scotland
23-04-2025
- Business
- The Herald Scotland
The historic Golden Lion hotel in Stirling has a new owner
Mr Atkinson, who will be joined as a partner in The Golden Lion by wife Ros Wardley-Smith, declared he is 'absolutely delighted to be the proud new owner of such an iconic established hotel, restaurant and hospitality venue'. He said: 'I look forward to bringing my hospitality knowledge and experience in leading a passionate team to enhance their fabulous Scottish hospitable service, whilst sourcing quality local produce and supporting local suppliers, making The Golden Lion hotel the venue of choice for those wanting to stay, dine, drink and socialise. 'It's in a great location just two minutes from the train station and five minutes from Stirling Castle, with so much potential including a 250-seat ballroom and five ground floor meeting rooms. 'It is exciting to work alongside many long-serving colleagues, listening to their ideas, thoughts and suggestions to help build on the hotel's reputation and reach new markets.' Read more: The hotel was built in 1786 when the street, known in medieval times as the High Gait, was originally known as Quality Street. It was renamed King Street in 1821 to celebrate the coronation of George IV. Mr Atkinson said: "With the historic connections we will be aiming to focus on 'quality for a King' and I will be on site working hard to make a positive difference, raising both standards and expectations for those choosing to stay, dine, celebrate their memorable wedding, or simply meeting up for a coffee or drink with colleagues and friends savouring over the vast selection of Scottish malt whiskies, exciting cocktails and late night bar nibbles. "My aim is to always strive for focused care, attention to detail and professionalism in our offering, and to enjoy the love and energy of every project I have been involved in. I had been looking for the right hotel to buy for some time and this was an ideal and exciting opportunity I was very keen to secure. "Together with the team, we will steadily work to improve every aspect of the business, putting the emphasis on providing superb hospitality as well as helping to promote Stirling as a fantastic visitor destination." Mr Atkinson is described as a 'seasoned' hospitality expert currently offering consultancy advice to the hospitality trade, having previously owned and run hotels and stadiums. He is also a business ambassador for the Scottish Chambers of Commerce, and a member of its Scottish Business Advisory Group. Ms Wardley-Smith will not be involved in the day-to-day running of the hotel and will continue to work full-time for Scottish Chambers of Commerce. However, Mr Atkinson noted that Ms Wardley-Smith is from Stirling and "knows the hotel well which puts me under huge added pressure to make her proud of what we deliver for the city".
