PracticeConsultingNewswatch – Devolution will boost business

Newswatch - Devolution will boost business

Britain’s business scene will change forever today as thousands of people turn out to vote in the elections for the Scottish parliament and Welsh assembly.

One of the most significant British constitutional events for 300 years, many business people believe devolution will grant Wales and Scotland greater control over their economic destinies. By developing indigenous businesses, runs the argument, both nations can be more proactive in attracting inward investment and promoting themselves.

In Wales, ministers have backed small businesses as the key to economic success following a string of failures which has seen several large corporations pull out of South Wales. Business groups have also supported training schemes to offer workers new skills which they can transfer to other jobs and thus move away from dependence on unskilled manufacturing and assembly work. In Scotland, however, the business community has been less enthusiastic about the role a devolved parliament will play in its future. Scottish business has so far failed to recognise the importance of getting parliament’s backing, a situation that ACCA fears may mean businesses fail to achieve a significant voice in future decision making.

The parallels with the Welsh economy are clear. Traditional industries are declining and many need to realign and take on more responsibility for the economic health of Scotland.

But once the elections are out of the way, businesses will get on with the job of promoting themselves and working with the new parliament and assembly to ensure their long-term success – whatever the legislative changes those new structures bring.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer