BoS’ Business Barometer reported that when asked about the key areas they want prioritised to support their businesses, 46% of respondents highlighted the need for a competitive tax system that incentivises growth.

Just over two-fifths (42%) expressed a desire for solutions to skills shortages and the training needs of businesses. Another 32% called for improvements in both digital and physical infrastructure, while the same percentage (32%) wanted incentives to promote investment in new products, services and innovations.

To support the prosperity of Scotland’s economy more generally, firms also wanted the Chancellor to prioritise a competitive tax system that incentivises local growth (43%), along with addressing skills shortages and the training needs of businesses (41%) and improving physical or digital infrastructure (27%). 

And, with the UK pressing ahead with decarbonisation, 55% would like the government to prioritise supporting businesses to improve their energy efficiency to help them align with the UK national target of net zero by 2050.

Martyn Kendrick, Scotland director at Bank of Scotland Commercial Banking, said: “Firms across Scotland have said that they are hoping that their priority areas of a competitive tax system that incentivises growth and addressing skills shortages are supported in the Budget.

“These priority areas are seen by businesses as crucial to help drive their operations. At Lloyds, we remain committed to supporting our customers to help them reach their growth aspirations.”

The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.