© Leczek Stankiewicz
Chancellor of the Exchequer, Rachel Reeves, is reportedly preparing to meet with 16 industry regulators, including the Competition and Markets Authority, Ofcom, Ofgem, the Environment Agency, and the Financial Conduct Authority, with plans to encourage deregulation in favour of economic growth. Regulators will be asked to present their plans to stimulate growth in the sectors they oversee by reducing regulation and opening up markets to new entrants.
Tavish Scott, chief executive of Salmon Scotland - the trade body for the Scottish salmon farming industry - has expressed his desire that a similar approach should be taken to encourage economic growth in Scotland.
"Scotland’s growth is sluggish. GDP grew just 0.1 per cent in the third quarter of 2024, down from 0.5 per cent in the previous quarter, with a dip in September. Scotland lags behind the UK in GDP growth, with rural and coastal areas hit hardest. Red tape is holding businesses back. More jobs, investment, and innovation fuel growth and boost tax revenue," he commented, in a press release.
"Salmon farming could deliver £1 billion to the UK economy in just a few years, benefiting local communities. The Scottish Government must focus on job creation and growth to generate wealth for public services. We have the ambition to grow, but ministers must urgently reform the outdated regulatory framework holding back salmon farmers," he concluded.
