Support for business following EU referendum

The Scottish Government is committed to working closely with business organisations and companies across Scotland to provide reassurance following the EU referendum result.

Cabinet Secretary Keith Brown confirmed he had spoken personally to representatives from across Scotland’s business community when he appeared in front of the Parliament economy committee for the first time today.

Mr Brown said:

“I have been engaging extensively with the business community in Scotland over recent days to emphasise that, as of now we are still firmly in the EU. Trade and business should continue as normal and we are determined that Scotland will continue now and in the future to be an attractive and a stable place to do business.

“There will inevitably be a period of economic uncertainty, but I am clear that we will act to support business wherever we can. That is why maintaining and strengthening our links with our key European markets will be a key priority in the weeks and months to come.

“Industries across our economy like oil and gas, financial services, and life sciences will all be adjusting to last week’s result, and we stand ready to support them.

“We know for example that as oil trades in dollars, there may be some short term advantages for some companies in the sector, but we also know that there are significant impacts on the supply chain and for the industry as a whole from the on-going uncertainty.

“Paul Wheelhouse will be in Aberdeen again on Thursday, demonstrating our total commitment to ensuring our oil and gas sector has a bright future, despite the current challenges.

“The oil and gas industry also needs continued support from the UK Government to sustain critical infrastructure hubs and support exploration activity. That includes taking steps to deliver on the commitment to provide loan guarantees for the sector. I will be meeting with the treasury on Thursday to urge them to act now on this issue and give the industry a major boost.”