Type to search

Aquaculture

SALMON SCOTLAND RESPONDS TO CHANCELLOR’S GROWTH-FOCUSED REGULATION PLAN

SALMON SCOTLAND RESPONDS TO CHANCELLOR

Salmon Scotland responds to Chancellor’s growth-focused regulation plan. Comment from Tavish Scott, chief executive of Salmon Scotland, regarding reports that Chancellor Rachel Reeves is to urge regulators to focus on growth instead of risks.

Reeves is reportedly preparing to meet with 16 regulators, including the Competition and Markets Authority, Ofcom, Ofgem, the Environment Agency, and the Financial Conduct Authority. They will be asked to present their plans to stimulate growth in the sectors they oversee by reducing regulation and opening up markets to new entrants.

Salmon Scotland is the trade body for the UK’s biggest food export, supporting 12,500 jobs in Scotland and generating £760 million for the local economy.

Tavish Scott, chief executive of Salmon Scotland, said:

“We support better regulation, not less, but regulators must also drive economic growth. Taxes fund public services, and growth makes that happen. Red tape is holding businesses back. More jobs, investment, and innovation fuel growth and boost tax revenue.

“Scotland’s growth is sluggish. GDP grew just 0.1 per cent in the third quarter of 2024, down from 0.5 per cent in the previous quarter, with a dip in September. Scotland lags behind the UK in GDP growth, with rural and coastal areas hit hardest. The Chancellor’s approach should be mirrored in Scotland. While growth remains fragile, our sector can help recover from the long-term impacts of Covid and Brexit.

“Salmon farming could deliver £1 billion to the UK economy in just a few years, benefiting local communities. The Scottish Government must focus on job creation and growth to generate wealth for public services. We have the ambition to grow, but ministers must urgently reform the outdated regulatory framework holding back salmon farmers.”

Tags