CAs' expertise sought to help aid post-COVID-19 economic recovery plan
Bruce Cartwright CA, ICAS CEO, calls on ICAS members to submit views to aid response to Advisory Group on Economic Recovery in Scotland.
As Scotland prepares to ease some of its lockdown measures, it is important to reflect on life before the COVID-19 pandemic and think about what it might look like in future.
Businesses and government are acutely aware that we have an opportunity to be remembered in years to come as having laid down responsible and sustainable plans for society to recover.
The knowledge and expertise that comes hand in hand with being a CA provide us with not only an opportunity but a responsibility to do our part to help in that recovery.
ICAS has been invited to contribute to the Advisory Group on Economic Recovery in fulfilling its remit to pull together a plan to aid Scotland’s economic recovery from COVID-19.
Lord Smith of Kelvin, Chair of Scottish Enterprise (and past-President of ICAS), who is playing a key role in gathering views for the Group, said in his letter calling for perspective on the issue: “We need to harness the best of our ideas and ideals; old, borrowed and the yet unimagined and we must implement them with purpose.”
More specifically, ICAS intends to submit guidance to the Advisory Group to aid them in answering some of these questions:
- What will be the shape and form of the recovery and what will be the implications for the future growth and structure of the economy?
- What are the implications for the required level of taxation in the economy, and where should this burden fall? How will the Fiscal Framework between the Scottish Government and the UK Government need to adapt? Is there scope for new forms of taxation? Is there a role for different forms of borrowing to spread costs over time?
- What are the medium to long-term consequences of the lockdown on businesses, including loss of employees, debt overhang, loss of markets, reduced investment and unemployment?
- What will the implications of the recovery be for different groups, unemployment and on the nature of work? How is the recovery likely to impact on socio-economic inequality as a whole?
- How can the wellbeing of the people of Scotland flourish and how can a wellbeing economy approach be embedded to bring distinct benefits to Scotland?
- How will the crisis change the role and relationships between the UK Government, the Scottish Government, local authorities, business and other institutions?
- How do we ensure that we learn from the impact of the crisis and respond accordingly?
- How will business practice change as a result of COVID-19? What opportunities are there to operate differently and how can government policy help the transition towards a greener, net zero and wellbeing economy?
- What role will technology play in Scotland’s future economy and what will be the workforce implications?
Since taking on the role of ICAS CEO I have had the fortune of meeting and engaging with many fellow members, discussing a wide range of topics. Knowing the membership, and the expertise that lies therein, I know that as a group we can offer valuable views and support to the Advisory Group.
Please consider the above questions and send in any views which could help inform the ICAS response to chiefexecutive@icas.com.
The deadline for views is 31 May, so I would encourage you to get in touch with your recommendations as soon as you can.