David Gauke, Chief Secretary to the Treasury, met Scottish businesses to hear how they can continue to play a significant role in Scotland and the UK’s economic success.
The UK government will devolve new tax and welfare powers which will make the Scottish Parliament one of most powerful and accountable devolved Parliaments in the world. The powers will allow the Scottish Government to set income tax rates and to borrow up to £3 billion for infrastructure. Scottish companies benefit from the UK’s competitive business environment, including: the lowest corporation tax in the G20, improved HMRC business services, and support; and the Business Tax Road Map which provides certainty over the future direction of tax policy. In addition, the UK government announced, at Budget 2016, a radical package to deliver one of the most competitive tax regimes for oil and gas in the world, safeguarding jobs and investment.
Chief Secretary to the Treasury, David Gauke, said:
“Scottish businesses are some of Britain’s outstanding successes, exporting more than £75 billion of goods and services. The clear message today is that Scotland is open for business and I’m here to discuss how we drive further economic growth for Scotland and the UK. I’m determined that we will help businesses and workers here take advantage of the opportunities offered by exiting the EU.”