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Competitiveness & the Scottish economy

Scotland must be outward looking, competitive and open to business if it is to recover from the fiscal and economic recession that has been endured between late 2007 to date. As a factor of the wider economy the proeprty industry has been hit hard by the recession and credit crunch. The consequences are a vitual end to commercial development outside of the retail sector, a drop in the value of new construction orders of about two-thirds meaning teh loss of many thoiusands of skilled sector jobs and a loss in sales activity of some £4bn per year since the market peak.

What's the issue

it is vital that we retain and where possible improve support for businesses and use innovation to kick start infrastructure investment. Business rates are the major business taxation measure available to the Scottish Government. The small business bonus scheme has been invaluable and the retention of long term empty property rate relief is also a vital measure. Full empty rates would be a major burden on businesses, including larger businesses needing to downsize as a result of the recession, public authorities owning vacant proeprties and the property industry itself.

Business rates ar eonly one yardstick of competitiveness. We need innovation in infrastructure investment, a planning system that quickly, effectively and efficiently responds to major inward investment opportunities and political leadership that will act to secure interest in business in Scotland.

Why is it important

It is no secret that the public finances are now being stretched as a result of the long running recession and fiscal downturn. Already capital expenditure budgets have been dramatically cut and we have already seen a potential large retailer levy defeated in the Scottish Parliament. We may expect to see further measures come forward as public budgets come under even greater stress and efficiency savings become more difficult to achieve.

What we're doing about it

David Melhuish
dmelhuish@bpf.org.uk
0131 220 6353

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Go for Growth with Scotland's Economy
See our property manifesto for the Scottish Parliament elections of May 2011.