Smith Commission: property industry welcomes “game-changing” announcement on devolution

27 Nov 2014

Policy area: Commercial, Finance

The Scottish Property Federation has welcomed recommendations for further devolution to Holyrood as a “major step forward” for Scotland with the potential to boost investment and growth across the country.

The Smith Commission today announced a substantial transfer of power to the Scottish Government, including enhanced borrowing powers and shared control of income tax with Westminster.

David Melhuish, Director of the Scottish Property Federation, said: “Today's report by the Smith Commission represents a major step forward in the powers and responsibilities of the Scottish Parliament.  It is in many ways a 'game-changer' for the Parliament in relation to its decision making powers and we welcome the proposal to enhance parliamentary oversight and scrutiny as its fiscal power grows.

“These new powers must be used wisely to encourage economic development and investment.  Social aims and public services can only be supported ultimately by a strong private sector that can deliver the revenue required to meet the government's objectives.

“The SPF welcomes the additional fiscal powers that will be available to the Scottish Government, and will encourage increasing engagement with the private sector to ensure those powers are used to maximum effect in promoting Scotland's economic development.

“We are already seeing through the Glasgow City deal and elsewhere in Scotland how investment in capital expenditure for infrastructure is supporting economic development, providing jobs and boosting local economies.”