Have I got this right?
The Bank of England has just put interest rates up from 1.25% to 1.75% this week, inflation is set to reach to 13% by the end of the year, there is a real possibility of the energy price cap reaching £4000 in January, the UK expected to entering a recession in the next quarter and staying in a recession until the end of 2023 and Scotland’s business leaders are calling on the Scottish Government for more support not the Chancellor of the Exchequer?
I looked at the other parts of the massive BBC website to find out if businesses from other parts of the UK were also calling for more support and there was nothing.
Tonight Nicola Sturgeon has just retweeted this by Sebastian Payne.
Let’s be blunt – given how acute the economic crisis is, this will be tantamount to leaving many people without food and heating this winter. If the UK government won’t act to protect those most vulnerable, it must give devolved governments tax/welfare/borrowing powers to do so https://t.co/5grTvixQoy
— Nicola Sturgeon (@NicolaSturgeon) August 5, 2022
Scotland’s business leaders best hope for more support is the First Minister’s demand for more tax, welfare and borrowing powers.
Will they support her?
I checked on a few business organisations in Scotland looking to find an answer to your question. Despite all that’s going on in terms of the economic and business environment, and all that’s happening politically in terms of policy propositions from Tory candidates to be the next PM, the dates of most recent press releases are perhaps surprising:
– the Federation of Small Businesses in Scotland = 28 July 2022
– the Scottish Chambers of Commerce = 27 July 2022
– CBI Scotland = 1 March 2022.
Cat got their tongues?