Message is clear; invent in Scotland

Developing our economy, and supporting business to invest and grow is front and centre of my job as finance secretary.

I want Scotland to be the most competitive and attractive place for business to invest and grow.

Yesterday I announced a package to give Scotland a new and significant competitive advantage over other parts of the UK.

The Barclay Review made 30 recommendations only three weeks ago and yesterday, I told MSPs that not only would I take forward the majority of those, but that I would go beyond Barclay.

I also took the opportunity to address what was excluded from Barclay’s remit: the 2017 revaluation.

I know the recent independent revaluation of rates was met with some concern by businesses in Aberdeen and Aberdeenshire.

Any readers of the Press & Journal with worries can contact their local assessor to discuss their rateable value, and have until the end of this month to appeal.

We want to make sure that more frequent revaluations happen in future to reduce the likelihood of steep increases.

We recognised the particular pressure being felt in the north-east as a result of downturn in the oil and gas industry and earlier this year introduced new reliefs to protect certain businesses in the region.

We have already committed around £660million of business rates relief this year, including capped increases within the hospitality sector and additional targeted support for Aberdeen city and shire offices.

Local councils administer this financial relief and I would encourage local businesses to apply.

Our support in these areas will continue and I can confirm the cap for offices in Aberdeen City and Aberdeenshire, and all but the very largest hospitality properties, will remain

“We recognised the pressure being felt in the north-east”

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next year as an additional 12.5% cap in real terms, and I hope that the local councils match our commitment to the region by continuing their local relief schemes.

Until such times as the Barclay Review of hydro plant and machinery has concluded, I will offer a 60% new relief for hydropower schemes offering targeted relief for the sector.

Our Business Growth Accelerator gives us the edge in attracting investment. It will ensure that new build properties do not pay rates until occupied for the first time and, even after that, the new tenant will also benefit from one year without rates. And existing properties that are improved will not see their rates bill rise for one year.

There will be a new relief for day nurseries set at 100%, the first of its kind in the UK, once again demonstrating Scotland is a leader in education and childcare.

As we have done many times before, we lead and innovate when it comes to utilising our limited economic powers.

By acting quickly to confirm our response to the Barclay Review, I have taken decisive action to use those powers to create a fairer, more transparent rates system that better supports economic growth.

We are clearly demonstrating our ambition for the economy, and our desire to work with business to deliver that ambition.

My message is clear: come to Scotland; invest in Scotland; grow your business in Scotland.

“We are clearly demonstrating our ambition for the economy”