Despite 74% of surveyed participants understanding the investment zone policy’s objectives, only half believe it will aid in levelling up, compared to the 68% national average, according to Grant Thornton’s latest Business Outlook Tracker survey.

Nevertheless, Scottish businesses perceive a potential positive impact from these investment zones. Two thirds (66%) think that being in such a zone could stimulate local growth through job creation and skills development, and 62% reckon it would be beneficial for local businesses.

However, there is discontent with the geographical distribution of these zones. Of the twelve proposed investment zones, eight are in England, with two recently announced in Glasgow and the North East of Scotland. A reported 58% of business leaders assert that more zones should be established in other UK areas, with only 16% in disagreement.

Despite this scepticism, the overall mood among Scottish business leaders remains optimistic, with 78% anticipating revenue growth and 82% confident about their funding position in the coming six months.

Stuart Preston, partner for Grant Thornton UK LLP in Scotland, said: “While there’s clearly some uncertainty about investment zones among business leaders in Scotland, it was great to hear that there’ll be targeted support for the Glasgow city region and the North East of Scotland, with up to £80m in targeted investment, tax reliefs and other incentives over five years.

“This should help our country progress and rival the economic performance of the South East of England. Areas such as Aberdeen – which has exciting plans for a knowledge intensive cluster at its university campus – has exactly the sort of socioeconomic profile that will benefit from being part of an investment zone and support the government’s levelling up ambitions.

“We see the announcement around investment zones as an opportunity to support businesses across the country in achieving their ambitions, helping to build our local economy and helping to build a sustainable workforce for the future.”