IRELAND FOR FINANCE’s Post

While Budget Day will be 1st October, it is more likely that the detailed tax changes will be more fully outlined when the Bill is published on 10 October.

Responding to the statement by the Finance Secretary Shona Robison MSP, Dr Liz Cameron CBE, Chief Executive of the Scottish Chambers of Commerce said: “The Finance Secretary’s statement underlines the scale of the challenge facing the public finances. Businesses understand that tough decisions must be made, but we also need certainty from the government that growing the economy remains the top priority. “The Finance Secretary is right to initiate reforms and seek efficiencies. As highlighted by Audit Scotland, reform of the public sector is needed to deal with longer-term financial pressures. How these will be implemented will require transparency to ensure businesses are not faced with new additional costs or taxes. “We have been clear about what businesses are asking for: a reduction in the overall taxation burden which is undermining the ability of Scottish business to attract and retain talent; a close look at cutting the mountain of regulation adding costs to business and consumers; a coherent energy strategy which protects jobs and investment. “We do not underestimate the scale of the challenge which is impacting communities across the United Kingdom. That’s why we need to see a clear plan of how the Scottish and UK Governments intend to work in partnership to support economic growth and business investment which is the only route to fund vital public services.”

Watchdogs have highlighted a “gap in political leadership” within a key Scottish Government strategy that aims to transform the country’s economy. Then finance secretary Kate Forbes launched the National Strategy for Economic Transformation (NSET) in March 2022, setting out a ten-year blueprint to create a wellbeing economy which delivers for people across Scotland. But almost two years on, the Economic Leadership Group, which public spending watchdogs at Audit Scotland said was meant to be a “key part” of the NSET, has still not met. In a briefing paper on the NSET, Audit Scotland there is a “gap in collective political leadership as the Government has yet to establish its planned Economic Leadership Group”. Under the plans, the group is to be chaired by the First Minister with members including senior Cabinet ministers and the president of local government body Cosla.   Audit Scotland also noted the Government has not yet established a shared budget for the NSET – whose work spans various departments – and said this means responsibility for spending is still within individual directorates.   The Scottish Government has pledged the NSET will be “refreshed and updated”, promising this work will address the key recommendations made by Audit Scotland.   Commenting on the Audit Scotland report, Dr Liz Cameron CBE, Chief Executive of the Scottish Chambers of Commerce said:   “Businesses want to support the ambitions of a unified national economic strategy but nearly two years on since publication, we are left frustrated at the pace of progress and delivery with major elements still missing in action. Targets, measurements and clear investment intentions have still not been set out by Government. These are critical components to help facilitate collaboration between business and government which NSET is predicated upon. “The business community was clear from the outset that NSET would have to be a collective effort between business and government. Whilst the dial has not shifted enough, the opportunity to prioritise business and the economy is still there for the taking.” https://lnkd.in/ey9uusZs

My brilliant colleagues James Davies and Kane Silom spoke with Consultancy Middle East about the importance of finance ministers’ ability to communicate economic news in a way that instils confidence while acknowledging challenges. As Kane explains in the article, “Step one in any effective government #policymaking is to ensure that #policy, #strategy, and #communications are integrated and aligned from the start. Nowhere is such integration more important than in #finance, where relevant constituencies include not just domestic businesses and voters but also international markets, financial institutions, and ratings agencies.” Consulum

Consulum's Kane Silom and James Davies spoke with Consultancy Middle East about the importance of finance ministers and their ability to communicate economic news in a way that instils confidence while acknowledging challenges. As Kane explains in the article, “Step one in any effective government policymaking is to ensure that policy, strategy, and communications are integrated and aligned from the start. Nowhere is such integration more important than in finance, where relevant constituencies include not just domestic businesses and voters but also international markets, financial institutions, and ratings agencies.” #policymaking #strategy #strategiccommunications

While enhancement of fiscal space and prioritisation of public expenditure ought to the centre stage in the public finance framework for FY2025, the associated economy-wide implications and equity concerns should not be undermined

Responding to the statement by the Finance Secretary Shona Robison MSP, Dr Liz Cameron CBE, Chief Executive of the Scottish Chambers of Commerce, said:   “The Finance Secretary’s statement underlines the scale of the challenge facing the public finances. Businesses understand that tough decisions must be made, but we also need certainty from the government that growing the economy remains the top priority.   “The Finance Secretary is right to initiate reforms and seek efficiencies. As highlighted by Audit Scotland, reform of the public sector is needed to deal with longer-term financial pressures. How these will be implemented will require transparency to ensure businesses are not faced with new additional costs or taxes.   “We have been clear about what businesses are asking for: a reduction in the overall taxation burden which is undermining the ability of Scottish business to attract and retain talent; a close look at cutting the mountain of regulation adding costs to business and consumers; a coherent energy strategy which protects jobs and investment.   “We do not underestimate the scale of the challenge which is impacting communities across the United Kingdom. That’s why we need to see a clear plan of how the Scottish and UK Governments intend to work in partnership to support economic growth and business investment which is the only route to fund vital public services.” https://lnkd.in/eWvEx_vG

FSI's 'Financial Services in Ireland: Global Reach, Local Roots' is a set of key policy proposals designed to help Ireland accelerate jobs and economic growth associated with financial services, harnessing the untapped potential that exists across a number of areas. They will underpin all of FSI’s engagements with political representatives ahead of the next general election. The proposals are derived from our engagements with our 160 member firms, who span the whole range of financial services. The financial services industry contributes approximately €18.2bn to Irish GDP every year, along with €2.7bn of corporation tax. It employs over 103,500 people, across all of Ireland, with an additional 20,000 employed in auxiliary services that support the sector. FSI director Patricia Callan said "The sector is continuing to grow but its success cannot be taken for granted. We have set out a series of measures that will help to increase the talent pipeline, enhance our competitiveness, and support firms of all sizes to boost innovation. The proposals will also help to make Ireland a centre of excellence in sustainable finance, an area that has enormous growth potential given the scale of the contribution that financial services will make in funding the transition to net zero." You can read 'Financial Services in Ireland: Global Reach, Local Roots' here: https://lnkd.in/ePKdAtPk

Exploring #strategicfinance solutions is crucial for #growth, especially in today's economy. At Integrity Finance Australia - Commercial Division we're committed to guiding businesses through financial complexities with tailored advice and solutions. #businessgrowth #financesolutions #melbournebusiness #sydneyfinance #brisbanebusiness #investinginrealestate

As the year 2023 comes to an end, let us glance through the initiatives/ announcements undertaken by the Ministry of Finance and the Ministry of Corporate Affairs in this year. #ViksitBharat #FinMinReview2023