FSB Scotland: Shrinking economy underlines need for pro-growth measures

Following the announcement that the UK economy contracted by 0.2% between July and September, the Federation of Small Business’ (FSB) Scotland Policy Chair Andrew McRae commented: “Though the onset of a recession doesn’t come as a great shock, that doesn’t make it any less worrying. For small businesses who have battled on through the consecutive crises of recent years, with little opportunity to stop and take a breath, this is another blow to deal with.

“Small businesses have proven themselves able to adapt and survive throughout the last three years, and their tenacity and resilience should never be discounted.  Neither, though, should it be taken for granted.  We know that small businesses are so often the backbone of their local economies, and it is their innovation and ability to spot and maximise opportunities that will help see us all through the difficult times ahead.  But they can’t do it alone.

“All eyes will therefore be on next week’s Autumn Statement and the Scottish Government’s Budget next month – they must not shy away from pro-growth measures. We want to ensure that small businesses aren’t burdened with additional taxes that will deplete their already low reserves or onerous regulations that will stand in the way of them running their business.

“Decision makers at all levels must unlock the potential of small businesses to survive the tough winter ahead and lead the way to economic recovery in the spring.”