The latest national Business Confidence Monitor (BCM) shows that business sentiment slipped deeper into negative territory amid uncertainty about the Budget and rising concern about both the tax burden and regulations. However, companies are optimistic that domestic sales and exports growth will improve over the next 12 months.

Mirroring the rest of the country, business confidence in Scotland has dropped to its lowest level since 2022, with ongoing uncertainty and low economic growth, a survey of business leaders has found.

ICAEW’s Tax Faculty highlights some of the key announcements from the Scottish Budget, including changes to the income bands for the starter, basic and intermediate rates of Scottish income tax and a package of non-domestic (business) rates reliefs.