Scottish firms ready to unleash 'wall of cash' if good Brexit deal achieved

The Scottish Chambers of Commerce president says firms are prepared to release a 'wall of cash' following a good Brexit deal
The Scottish Chambers of Commerce president says firms are prepared to release a 'wall of cash' following a good Brexit deal
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Scottish leaders are poised to unleash a "wall of crash" to invest in the country if Brexit is "done well", according to a leading business chief.

Scottish Chambers of Commerce (SCC) president Tim Allan said money had been held back that could be released once Brexit was completed.

The construction industry has taken a hit in the past year

The construction industry has taken a hit in the past year

"We continue to affirm the view that a disorderly, no-deal departure from EU will have painful, long-lasting consequences for the economy in Scotland and the UK," he said.

"But we also believe that, if Brexit is not just done but done well, there is significant potential for an upside."

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Mr Allan added: "We believe there is a wall of cash that has been pent up while the process of leaving the EU has unfolded which can and will be unleashed."

His buoyant assessment of the financial outlook for Scotland if the UK exits the EU with a deal comes as a SCC economic study reported a decline in overall business performance in the past year.

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Mr Allan said this had happened "as companies take on board extra uncertainties caused by the tortuous progress of the Brexit process".

The research was carried out in conjunction with the Fraser of Allandar Institute and included the period from June to September this year.

More than three quarters of firms in the tourism sector were found to still be looking to take on workers.

However, sales had slowed significantly in the construction sector. Less than a quarter of companies had reported investment was increasing.

Mr Allan said: "As the UK faces yet another deadline in the Brexit process, construction and manufacturing have reported severe challenges in terms of future orders, exports and investment.

"Meanwhile companies in sectors including retail and tourism face continued challenges in recruiting people with the right skills as the number of available workers from Europe continues to decline."