The UK commercial real estate market has experienced high transaction volumes over the last two years. As a result, the market has delivered two years of double-digit total returns. Given these record levels of activity and returns, the pertinent questions now are whether this remains a suitable time to invest into the UK market, and if so, what strategy and asset types to pursue?

2014 – A strong market

2014 was a particularly strong year for UK commercial real estate, with total returns to property averaging between 18-20%, supported by investment transactions of circa £40bn to September 2014 (£53bn annualised). This followed another strong performance in 2013 with total returns of 10.9%, supported by £53.3bn of investment transactions. These transaction volumes are the highest seen since immediately before the market peak (2006 £62bn, 2007 £55bn) and compare to the low levels of activity – circa £25bn – observed in 2008 and 2009.

In 2014, overseas investors were the largest single investor type in the UK, comprising 39% of transaction volume. The next largest class of investors was UK institutions, responsible for 30% of total investment in the UK. This highlights the continued high demand for good quality assets in the UK, which are seen both as a yield play in a low interest rate environment, as well as a “safe haven” store of value for both UK and foreign investors.

Driven by this surge in investment activity, prime real estate yields fell for all sectors across the board, and recovery was evident even in those sectors that appeared to be under additional macroeconomic stress and constraints, such as High Street Retail, Retail Warehouse and Shopping Centres. The only sector that has seen an increase in yield over the last two years is the Food Stores sector, which has continued to be negatively impacted by the well-documented issues facing the large UK supermarket chains.

Yield shift across all but one primary commercial property sector (Food Stores), driven by capital flows, has delivered a material impact on the capital values of real estate across all sectors. It is important to note, of course, that the significant implied capital value growth presented above does not take into account the impact of rental growth and value created from asset level improvements.

After two very strong years, when real estate outperformed most asset classes, the main questions are whether asset level fundamentals support the current valuations and whether underlying rental growth is sustainable. In short, has the market reached a new peak, and where do investment opportunities remain?

The hunt for value

The hunt for value is already on! Anecdotally, investors’ investible universe appears to be expanding as risk aversion falls away somewhat and demand for non-core assets/locations increases. This has been evidenced by the increased transaction volumes in regional buildings, as well as a sharp narrowing in the yield spread between prime and so-called secondary assets (namely, those in lower-quality locations, buildings with lower-quality tenants or shorter lease terms, or those buildings requiring capital expenditure). This narrowing of yields has been consistent since the end of 2012 and is expected to continue as investors seek higher yielding assets. However, the market remains a long way from the very narrow spreads observed before the last peak, where secondary assets were often traded at a yield premium of less than 50bps over their prime counterparts. Indeed, the yield spread is currently more than a percentage point higher than its long-term average.

Consensus view on market outlook

The general view for the whole UK market is that 2015 will see a continuation of the recent upward trends in both investment activity and returns. Whilst there is an apparent consensus that the market will enjoy double-digit total returns, during the course of this year, we have noted a wide spread in forecast returns, with, for example, CBRE forecasting total returns of 3%, whilst Aviva Investors is currently predicting a total return of 17%.

The IPD UK consensus forecast, which pulls together the research of 30 organisations, has a mean forecast for UK All Property total return of 10.8%. However, it is the four-year outlook to 2018 that is of most interest. For 2016 onwards, the levels of capital growth are forecast to reduce dramatically, with total returns expected to be driven primarily by income returns. The consensus forecast for 2016 shows capital growth of only 1.1%, with total returns at 6.6%. 2017 is forecast to report capital growth of just 0.1% and total returns of 5.3%, whilst 2018 is forecast to see capital values fall by 0.3% and a total return of 5%. Total annualised returns from 2014 to 2018 are expected to be 9.2%, a figure skewed by 2014 returns. Taking 2014 out of these calculations results in anticipated annualised returns of circa 6.9% per annum for the years 2015-18.

This suggests that the market will reach its peak towards the end of this year or early 2016. However, given strong recent returns, the total returns offered by the UK real estate market still makes this asset class look relatively attractive to others. This continues to drive capital flows into the market, with high levels of both institutional and retail inflows into most open-ended funds. The market consensus is that yields still have further to fall during 2015, as capital continues to chase assets. The market has enjoyed an unexpected and extended boost from the renewed fall in sovereign debt yields and other fixed income investments. However, after 2015, the drivers for UK real estate performance will be a combination of, first, improved real estate fundamentals, and second, commercial activity and development among owners of real estate. In a sense, the market will enter a period of normality, subject to macroeconomic conditions and demand from end users.

Real Estate fundamentals

Given that over the last few years, real estate values have been, in large, driven by capital flows, it is reasonable that at some point, asset level fundamentals need to “catch up” with where capital markets appear to be pricing assets. Real Estate is, of course, a cyclical asset class, and at different stages of the cycle, especially after a period of strong capital appreciation, the actual performance of underlying assets must underpin such growth. In the current market, it appears that the capital markets may well have got ahead of themselves in terms of pricing. Therefore, as capital values stabilise, it is to be expected that the emphasis will shift to the actual performance of underlying assets. This means that much more emphasis will be placed on the occupier market, i.e., the customers and end-users of real estate (namely the tenants) and their associated demand for real estate.

At the end of the day, the long-term driver of real estate value is the demand and supply of stock that meets the needs of the occupier market. Like any other market, commercial real estate is ultimately driven by fundamental demand and supply dynamics; over the next few years, strong demand and limited supply should underpin rental growth across the UK, which in the absence of yield compression should help support capital values.

Prevailing macroeconomic conditions have a significant impact on the demand for commercial real estate by end users, across all sectors. Occupying real estate is clearly a long-term commitment (especially in the UK, with typical lease lengths of 10+ years), and until recently, many business had held back on long-term commitments to infrastructure and real estate. Business confidence, together with medium- to long-term corporate investment strategies, have as much impact on user demand for real estate, as do changes in consumer behaviour, regional development initiatives and large infrastructure projects. Hence, over the next period of the UK real estate cycle, the importance of the broader macroeconomic conditions cannot be underestimated.

Overall the UK economy’s expected growth and increased employment are expected to boost both corporate and consumer confidence and should underpin the fundamentals and values of UK real estate.

Much discussion has centred on the impact of interest rates on the valuation of UK real estate. A common concern is that with rising interest rates, the comparative pricing of real estate will require yields to shift out. In part, this is already reflected in the expected reductions in yield compression noted above, whereby real estate may no longer look as cheap compared to other asset classes, once the unwinding of historically low interest rates begins. However, over the last 25 years, the correlation of real estate yields to interest rates is not as strong as may be commonly thought. Indeed, other than a small peak in the depths of the early 1990’s recession, the index of all UK Property yield has moved within a very narrow band of between 5% and 8% over the past 30 years; prime assets, of course, have seen yields some way below this level. This is despite large movements both in the Bank of England Base rate and the 10-year gilt yield from over 12% to the current historically low 0.5% during this period.

The fundamentals of real estate should act as a natural hedge to the impact of interest rate increases. Since low interest rates are expected to unwind only after we see sustained increases in economic activity levels, the current expectation is that the underlying performance of real estate assets should be stronger, given any increase in economic activity. In effect, should the yields of real estate shift out, as interest rates increase, it would be expected that the actual income being generated from the assets would increase, offsetting some of the yield impact on capital values.

Commercial activity

Above we have addressed the demand side of real estate fundamentals, but the other key aspect is the ability of owners and investors of real estate to supply the appropriate stock in terms of location and quality and function and to satisfy that demand. Anyone travelling through the City of London, Southbank and parts of the West End would believe that the UK was currently undergoing an immense volume of development and refurbishment. However, the levels observed in the capital are the exception and not the norm.

Following the global financial crisis and the lengthy recession that followed in the UK, levels of commercial activity fell to record levels. At the end of 2008, the commercial development activity outlook scored at -49%. Whilst it recovered sharply into 2010, it has only really picked up in the last 18 months, and indeed it fell back earlier in 2014. Many real estate owners were in state of flux, with many larger funds and listed entities more focused on survival than on future pipeline and development. Consequently they deferred, cancelled or scaled back ongoing capital expenditure and refurbishing stock.

As a result of this, the UK has seen its commercial real estate stock suffer a period of underdevelopment. Existing stock has become more aged and less fit for purpose, which provides significant opportunities for investors seeking to refurbish, develop or actively manage assets across the UK.

For those core investors, seeking high-quality assets with a focus on long-term income yield, they will require an increased supply of higher specification buildings fit to meet tenant requirements while also meeting current environmental standards.

Tenants will increasingly make changing and increasing demands of their landlords and will only accept increased rental values if the quality of the stock is maintained and remains fit for use.

Value-added investors/developers therefore have a double opportunity. They see increased demand for product from investors as well as users. The best investors will stand out based on their ability to buy stock or land bank in the current competitive environment and to execute genuine value-added asset management plans, refurbishments or developments.

Summary

The UK appears to be entering a period of stability, albeit with potential headwinds from Europe and uncertainty in the coming months from the general election. However, the signs are apparent that demand from both the investor base and end users of real estate will remain strong, enabling an underpinning of the wider UK real estate market. In the medium term, the unwinding of low interest rates may have a limited impact on real estate yields, but this should be offset by stronger rental growth, driving the fundamental performance of underlying assets. Total returns are expected to normalise, but this will mean the market remains attractive to both the core yield-hunting investor and investors seeking to create value, rather than riding the wave of capital upwards.

Universal Transaction Processing (UTP) was established in April 2013.

The business was set up out of desire to give clients the best experience, both in terms of the customer journey and the technology we would be able to provide. With our many years of experience, we were able to see areas which could do with some improvement and were keen to streamline as much of the process as possible. We also wanted to ensure that our staff were trained to the highest standard, not just with our offerings, but throughout the whole marketplace. This in-depth approach means that our staff have a thorough understanding of the industry.

We are excited to be Edinburgh Chamber of Commerce’s new partner and we are looking forward to helping businesses around Scotland to obtain cost effective credit card processing solutions.  We have a team of sales representatives based in various locations around Scotland to offer the best advice and service to both new and existing clients.

Our Credit and Debit Card Solutions

We offer a wide range of market leading Credit and Debit Card Terminals to small and medium size retailers, coffee shops, restaurants/pubs, convenience stores and many others. We are partners with Barclay card and we are officially licensed by MasterCard and Visa.  

Our range of Credit Card Payment Solutions:

Countertop Terminals – Our Countertop Chip and PIN Terminals are perfect for taking Credit or Debit Card payments over the till or sales desk.
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It doesn’t matter if your business is big or small, if you have a merchant account with a bank or if you don’t currently accept credit or debit cards.  We are happy to help.

Visit our website or call us on 0844 80 99 22 3 and use quote “Edinburgh Chamber” to receive your discounted rates.

www.universaltp.com

In investing – as in life – ‘long term’ can mean different things to different people. Similarly, one’s emotional horizon, although rarely considered at the outset, can sometimes take years off the period of time that an investor stays in the market.

While sensible financial advice extols the value of long-term investing, views vary over what ‘long term’ really means. Similarly, the notion of an investor time horizon remains one of the most misunderstood concepts in finance.

First, let’s look at what the investment horizon is not:

1. When thinking about your overall portfolio, your time horizon should not be how long you’re prepared to stick with any single investment or manager.
2. An investment horizon is distinct from your rebalancing horizon: we should all periodically re-balance our portfolio back to our appropriate risk level and make sure the investments are still doing what they are supposed to.
3. It is not (or rarely) the same as the time to retirement: many investors still have some capacity to invest post retirement.

Put simply, your investment horizon should be determined primarily by when you need the money: i.e., how long do you have before your option to choose when to sell expires?

During our lives, most of us will have interim needs to withdraw capital – either to fund large purchases, or ongoing expenditure after retirement. These investors have finite investment horizons, and the larger or sooner the future withdrawals – unfunded by expected income – the more they reduce the overall time horizon.

For example, someone who is retiring in three years and wishes to purchase an annuity with his entire portfolio has a very definite time horizon of three years. He has little flexibility to choose when to sell and should therefore take very limited risk in the intervening years. On the other hand, an investor who can afford to stay invested after retirement has a long sequence of much smaller withdrawals over the rest of her life. She can afford to take much more risk in the pursuit of higher portfolio values over time.

As a general rule, asking investors to tick a box to specify their investment horizon without considering their need to use the money is counter-productive – it often forces them to state a time horizon that is much shorter than their true goals.

Finally, as mentioned, there is another threshold that we should be aware of – the emotional horizon.  Selling low because you need the money can be resolved by reducing risk over time (to account for your shortening horizon); but many investors sell low even when they still have the option to hold on. In times of stress our emotional horizon shrinks. Good investing requires not just determining our investment time horizon, but also controlling our emotional one.

No matter what stance you take to investing, your capital is still at risk.

Greg Davies

To mark the 300^th anniversary of the 1715 Jacobite uprising and the events leading to it, an innovative video celebrating one of Sir Walter Scott’s lesser-known works has been released.

Scott’s ‘On the Massacre of Glencoe’ poem commemorates one of the darkest incidents in Scottish history – the Massacre of Glencoe which saw more than 70 Highlanders killed for alleged treason.

On 13 February 1692, Government soldiers massacred 38 members of the MacDonald clan in their own homes – with 40 more women and children dying of exposure in the bitter Scottish winter after fleeing the violence. The attack came after the Highlanders were accused of being too slow to declare allegiance to the new Protestant monarchs, William and Mary, who had deposed the Catholic James VII (II of England).

The atrocity is widely regarded by historians as playing an important role in mobilising popular support across the Highlands for the Jacobite cause, leading to the 1715 uprising which sought to put James Edward Stuart, son of James VII, on the throne.

Now, more than 300 years later, and coinciding with a new exhibition at the National Library of Scotland, an Edinburgh-based company is striving to raise awareness of the role which the events played in Scottish history.

Double Take Projections has created a video showing the words of Sir Walter Scott’s poem, being beamed, on location, onto the Glencoe scenery, including Buachaille Etive Beag. The writer was approached in 1811 by Edinburgh scholar George Thompson to put words to a popular Scottish folk tune.

Sir Eric Anderson, world renowned expert on Sir Walter Scott and Trustee of the Abbotsford Trust, said: “Violence was accepted during that violent age, but even then it was a heinous crime for guests to murder their hosts. Scott felt, as most people did, that the breach of the code of hospitality left a permanent stain on Highland honour.”

The National Library of Scotland’s ‘Game of Crowns’ exhibition tells the story of this bloody period in Scotland’s history through original letters, manuscripts, books, maps and portraits from the time.

It includes the original handwritten order for the Massacre which opens with the chilling command: ‘You are hereby ordered to fall upon the rebels, the McDonalds of Glenco, and putt all to the sword under seventy.’

Robert Betteridge, Rare Books Curator at the National Library of Scotland, said: “The massacre of Glencoe is still seen today as one of the most shameful moments in Scottish history. This video is a unique way to commemorate an event which is known to people all round the world.”

Double Take Projections’ video will be available to view as part of the exhibition between 2pm and 5.30pm in the National Library’s boardroom on Friday 13 February.

Steven McConnachie, Director of Double Take Projections, said: “We felt it was important to mark the Massacre of Glencoe and the part it played in the 1715 Jacobite uprising, particularly in this 300^th anniversary year.

“I’ve always been interested in history but recognised the need to do something a bit different to get people’s attention and raise awareness of this chapter in Scotland’s history. Fortunately the technology and expertise we have available at Double Take Projections has allowed us to produce a video which will capture peoples’ imaginations.”

Game of Crowns: The 1715 Jacobite Rising runs until Sunday 10 May 2015 at the National Library of Scotland, George IV Bridge, Edinburgh. Entry is free.

The video was shot by Adam Robertson and the poem narrated by Peter Rogan. It can be viewed here.

A full downloadable edit of the video and accompanying still photography is available. Please contact:

Chris Black

The BIG Partnership

Chris.black@bigpartnership.co.uk

0141 333 9585 / 07969 814 003

Hundreds of students across the city hope to be first in line to secure their dream home next week when over 100 city flats become available for rent for the summer term.

Due to an increasing demand for quality student properties in the city, Edinburgh student property management and lettings specialist Cullen Property will list the flats they have available for rent this summer on their website from Tuesday 10^th February. On the same day they will also attend the Edinburgh University Student Accommodation Fair where students will get the first chance to see the 100 three to six bedroom Cullen properties available.

Students will also be given full lists of the set property viewings, being held over Wednesday 11^th – Friday 13^th February in the Marchmont, Bruntsfield and Newington areas, and Cullen representatives will be on hand to discuss all property options and lease start dates, as well as providing descriptions on all available properties. Based on previous years, Cullen Property is keen to stress how competitive it can be to successfully secure the flats, with students using a range of creative ideas to bag their favourite flat before everyone else.

Steve Coyle, Operations Director at Cullen Property, says: “Every year we see at least 50 students turn up for each viewing, sometimes twice that amount, and we always have queues up the street. It really is a competitive process and one that only the most creative and organised students will win. We’ve seen everything from students pre-booking taxis to ensure they make it to our office first to semi-professional cyclists waiting outside the property for the ‘go’ sign out of the window from their prospective housemate.

“Overall we are seeing a rising demand for quality student property and, with the UK student population increasing annually by 3.5%, this demand is set to increase further. We wanted to make it easier for students to find their ideal home for the upcoming academic year and this way it means they won’t have to spend precious time trawling through websites and agencies looking for available properties. We expect to have let all 100 properties within three to four weeks so it’s looking to be one of the busiest times of the year for us.”

Edinburgh based Muirhouse Housing Association Limited, this week (Wed 4 Feb) accepted handover of 12 cottage flats from Springfield Properties Plc, providing vital homes for local families in need of social housing and mid market rents in the north of the capital.

The homes, which are part of a £15.3 million investment in the overall development at Muirhouse are being funded by £5.7 million funding package from Bank of Scotland, thereby extending their support to the Association to £12 million  alongside over £3m of grant funding from the Scottish Government’s Affordable Housing Supply Programme.

The second phase of the development which will provide 64 flats for local families, split between 28 units for social rent and 36 units for mid-market rent, will be completed in July 2015.  This is a continuation of the initial phase which completed in 2014 and takes the number of affordable homes built in the development in up to 120 properties in an area which was regarded as one of Edinburgh’s most deprived areas.

This follows the launch last week of the Lloyds Banking Group Commission on Housing report, which called for a progressively rising target of 2 million to 2.5 million homes in the UK to be delivered by 2025.

Commenting on the development Michael Woods, Chairman of Muirhouse Housing Association, said, “This is great news for Muirhouse and its residents. The new development provides much needed homes and helps with the wider regeneration of the area.

“We were overwhelmed with interest for our first phase of this project and so it is with huge satisfaction that we can again expand the capacity of our existing stock of 506 homes for those in need, thanks to support from Bank of Scotland and the Scottish Government.”

Douglas Spowart, SME Banking, Property Team Relationship Director at Bank of Scotland added, “There is a strong and ever increasing demand for the provision of social housing within the geography supported by Muirhouse Housing Association.

“To this end we felt it was extremely important to support this development, alongside the Scottish Government, which will result in local families in need benefiting from the stability and comfort of this quality housing built by Springfield Properties.”

(L-R) Roy Douglas, Committee Member of Muirhouse Housing Association & Douglas Spowart, SME Banking, Property Team Relationship Director at Bank of Scotland

As a nation, Japan has one of the longest life expectancies in the world. The remarkable health of its people is due in part to high standards of culturally imposed nutrition, hydration and in part because of an excellent national healthcare focused on disease prevention.

So what do they do that we don’t?  For one thing – they drink much healthier water.

Enagic, Japanese medically certified manufactuer of electrolytic water generators, is the industry leader with its growing presence in Europe since 2008, individually recognised by the Japanese Association of Preventative Medicine for Adult Diseases, a renowned medical association. For the past 40 years Enagic’s compact devices have been extensively used in the Japanese healthcare system including veterinary clinics, as well as hospitality markets, fitness centers, beauty salons and personal households.

Based on her experience as well as her own extensive research into the properties of high quality electrolysed water, its impact to our health, the environment and business, Veronika Divincova, of Kangen Water Edinburgh, a leading representative in Scotland, will share with you key information in relation to:

• Water as a nutrient
• The role of excessive oxidative stress, iflammation and chronic disease in realtion to lifestyle choices (90% of all diseases are directly linked to excessive inflammation of our cells!)
• The relevance of high quality electrolysed hydrogen-rich water (Kangen WaterTM) and itsanti-inflammatory, anti-ageing, high antioxidant properties
• Electrolysed oxidising water, its antibacterial, antiseptic properties (applicable to eco-friendly disinfection, pesticide and foodborne pathogens removal and treatment of skin conditions)
• Relevant scientific research
• Demonstration of each types of water produced by the technology
• Implcations for businesses (employees’ performance and various industries – e.g. offices, hospitality, health clinics etc.)
• Enagic’s values and vision
• Quality control
• Financial benefits of Enagic’s patented referral programme

All attendess will have access to fresh  Kangen WaterTM during the event.

We look forward to welcoming you on the night.

Crown Worldwide, the largest private logistics company in the world, is celebrating its 50^th anniversary with celebrations that will span the globe.

The company was launched by founder Jim Thompson from a tiny cubicle in Yokohama, Japan, in 1965, but has grown into a corporate giant with a turnover of more than 800m USD.

It now provides transportation, mobility and relocation services, logistics and storage services from 265 locations in some 60 countries. Its stable of brands includes Crown World Mobility, Crown Relocations, Crown Fine Art, Crown Records Management, Crown Logistics and Crown Wine Cellars.

Crown Worldwide opened its first office in the UK in 1989. It now has bases across the country including in Aberdeen, Birmingham, Bristol, Cardiff, Edinburgh, Exeter, Fareham, Jersey, Larkfield, Leeds, Livington, London, Manchester, Milton Keynes, Oxford, Peterborough, Swindon and Tyneside.

Mr Thompson, a US entrepreneur who is based in Hong Kong, marked the anniversary on February 4 by presenting Mayor of Yokohama Fumiko Hayashi with special tributes to celebrate the founding of his business in the Japanese city.

These included a specially-designed Happi coat that incorporates a ginkgo leaf design, a symbol of longevity in Japan. He also presented an exclusive art work painted by seven-year-old Barbora Mrvisova of the Slovak Republic for the Kids Earth Fund, a charity that raises money to help children who suffer from the result of war, poverty and environmental contamination. The money donated for this artwork will go to a school in Cambodia that supports children with HIV.

Jim Thompson said: “I have always had a special feeling about Japan and it is a country close to my heart. So it was an honor to meet Mayor Hayashi, to celebrate our anniversary together and to say thank you to the city where it all began.

“I started the company in 1965 from small beginnings and with very little capital – so to see it grow into an international global business is very special. It’s really a huge anniversary that I never thought I’d see and I’m very proud of all the people that helped us to get to this point. We will be celebrating the anniversary at all of our offices right across the globe.”

Mr Thompson was accompanied in Yokohama by his daughter Jennifer Harvey, Director of Corporate Social Responsibility at Crown Worldwide, who was born in Japan and acted as translator during the visit

Mayor Hayashi, who coincidentally began her own business career in 1965, is the first female mayor of Yokohama, elected in 2009, and is regarded as one of the most influential women in Japan. Her previous roles have included president of BMW Tokyo, president of Tokyo Nissan Auto Sales, chairperson and CEO of the Japanese supermarket chain Daiei.

Mayor Hayashi said: “Congratulations on the 50^th anniversary of the founding of Crown Worldwide. I am honoured that this occasion coincides with the 50^th year of my business career as well. Your company started in Yokohama and has grown to prominence in the logistics industry. I am grateful for your special thoughts about Yokohama.

“Mr Thompson, you and others in your company support in diverse ways those who are active beyond national borders, making various contributions to society. In Yokohama, there are many young people and companies who desire to step out and become active abroad, as your company did. The city encourages and advises them on studying abroad, starting a business, and business management. As a model for them – in full view on this, the 50^th anniversary of its founding – I hope your company will continue to grow and prosper.”

Jim Thompson’s visit was the first in a long list of events to mark Crown Worldwide’s landmark anniversary. Each of the company’s 265 offices across the world will celebrate in their own way, including taking part in a ‘Golden Relay’ of events to raise money for charity.

Commenting on the Scottish Parliament’s decision to pass the Budget, Liz Cameron, Director & Chief Executive of Scottish Chambers of Commerce, said:

“As the Scottish Budget was passed in Parliament today, it is promising to see useful and practical measures included to grow and enable the growth of Scottish business. Of particular importance, is the funding targeted towards advancing Scotland’s Skills & Youth Employment agenda, increasing investment in Infrastructure and providing support for the Oil & Gas industry. Of course, there is much more to be done and we will continue our efforts to strengthen Scottish business.

“Disappointingly, the Scottish Government has failed to deliver stability for businesses by its lack of commitment to freeze business rates until the next revaluation – this would have delivered much needed relief for many Scottish businesses. The Small Business Bonus Scheme, however, continues to assist many Scottish businesses which is commendable. Implementing SCC’s call to institute a freeze and implement a review of Business Rates will result in direct cost savings for more businesses, releasing much needed capital to increase investment and create jobs.

“Now, it is vital that our approach is business-led by targeting public funds in the right areas, using the right methods, enabling growth of Scottish businesses and creating wealth and jobs for Scotland.”