Scotland needs ambitious long-term policies to deliver investment and unlock growth, says ICAS
MEDIA STATEMENT - As Scotland approaches a pivotal election, the Institute of Chartered Accountants of Scotland (ICAS) warns that low confidence in the Scottish economy is already holding back investment and job creation at a time when Scotland can least afford it.
Results of a survey of ICAS members following the Scottish Budget in January, highlight the scale of concern across the business and finance community. The post-Budget survey found:
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78% said they do not have confidence in the health of Scotland’s economy, with just 6% expressing confidence
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83% disagreed that Scotland’s current tax system benefits the economy, with only 6% believing it does
In a new report, Chartered Accountants: A strategic asset for Scotland, published a week ahead of the Scottish elections on 7 May, ICAS sets out four priority areas where urgent and sustained action is needed:
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Tax and the economy – delivering stability, predictability and a clear long-term direction
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Future Skills – building the talent pipeline needed for a competitive Scottish economy
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Financial Literacy – embedding financial education throughout Scotland’s learning system
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Sustainability – accelerating a just transition to a low-carbon economy
The financial institute highlights that a resilient economy is essential for better outcomes across society, from jobs and public services to investor confidence. It argues that improving financial capability across the population, from primary school onwards, is vital to building a more robust, productive and inclusive economy. ICAS calls for financial literacy to be embedded at the heart of Scotland’s education system as part of a wider programme of reforms to support economic growth, strengthen public finances and build long-term resilience.
The global organisation is also calling for closer collaboration between government, professional bodies, businesses and educators to drive long-term systemic reform, instead of short-term policy shifts.
Gail Boag, ICAS CEO, said: “The next five years are critical for Scotland’s future. The incoming government will face a set of serious challenges, from high economic inactivity and weak growth to pressure on education outcomes, skills shortages and increasing global uncertainty. Only long-term, ambitious policies will deliver the investment and sustainable growth Scotland needs.
“Financial literacy must be a core building block of Scotland’s economic success. Embedding it across the education system will boost resilience, improve decision making and fuel a more productive, inclusive economy. Without action, Scotland risks limiting its own economic potential and growth.
“Scotland can only grow its economy and tax base by creating the conditions people and businesses need to succeed. That means predictable and stable policies, a tax system developed in partnership with business, backed by real improvements in vital public services such as education, health, childcare, transport and housing.
“Alongside this, we need a strong pipeline of skilled professionals, decisive action on climate change and a clear focus on energy security. These priorities cannot wait, and they are essential if Scotland is to compete, innovate and prosper in the years ahead.”
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