MORE than £4.3 billion of potential Scottish business growth is facing a range of barriers which have been identified in a new report.
The study identifies barriers to growth including technology, access to skills, talent and innovation, and financial issues. Research by the Grant Thornton UK professional services network – based on a survey of 114 Scottish businesses with turnover between £10 million and £1 billion – says that if the barriers are surmounted this could unlock an estimated £4,336,253,750 in gross value add across the economy.
Researchers found that while UK business optimism has been on a downward trend since the months leading up to and following the EU referendum, the study suggests 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 (pictured), said: “Scotland’s business community has clearly been unsettled by the outcome of the Brexit vote and the limited information on future trading relations with the EU and other global economies.
“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.
“Many obstacles are on the horizon. But by working more collaboratively, strategically and with purpose, our rich and varied business community can contribute even greater growth.”
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