Below is an excerpt of a piece printed by Dr Liz Cameron, CEO of Scottish Chambers of Commerce, in The Herald.

“In just under a month’s time, the UK will have a new Prime Minister. Much of the Conservative Party leadership contest has focused on the UK economy which faces great uncertainty with businesses anxious as they face a gauntlet of challenges.

“The most recent economic survey by Scottish Chambers of Commerce shows companies dealing with record cost and inflationary pressures, forcing businesses with little choice but to make difficult decisions which will impact long-term economic performance.

“It is not an understatement to say that the cost of doing business has reached a tipping point. Cashflow is coming under severe pressure and as Government loan repayments kick in and business insurances increase, firms are dealing with a whammy of surging cost burdens.

“This perfect storm of pressures is leading to a cost crisis for firms which is squeezing profits and places economic recovery into question, as firms cut or hold back on investment, put projects on hold, and delay hiring.

“The priorities of business are clear. We expect the next leader of the Conservative Party and Prime Minister of the UK to fire the starting gun with economic growth at the centre of their plan if we are to protect jobs and businesses now, and grow the economy in the months and years ahead.

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