Barriers to £4.3bn of growth identified

Barriers which are holding back £4.3 billion of potential Scottish business growth have been identified in a report.

The study identifies an array of barriers to growth including technology, access to skills, talent and innovation and financial issues.

The Grant Thornton UK research, based on a survey of 114 Scottish businesses with turnover between £10 million and £1bn, says that if the barriers are surmounted this could unlock an estimated £4,336,253,750 across the economy.

Researchers found that Scottish businesses remain focused on future growth.

More than two-thirds (70 per cent) of respondents plan to maintain current levels of growth in the future – above the UK average of 61 per cent.

Andrew Howie, Grant Thornton UK’S managing partner in Scotland, said: “While confidence may have taken a knock, our research suggests access to skills and investment in technology remain at the forefront of their concerns.

“It’s encouraging that 70 per cent of Scottish business leaders plan to maintain current levels of growth in the next two years, which reinforces the sense of resilience driving the success of Scotland’s vibrant economy.”