ICAS calls for urgent action on tax and skills after election

The Institute of Chartered Accountants of Scotland (ICAS) has called on the Scottish National Party (SNP) to implement ambitious policies following its success in the parliamentary elections.

The professional body stated that the incoming administration must establish a coherent economic direction to restore business confidence and secure necessary investment across Scotland.

It comes as recent data from the organisation suggests significant concern within the finance sector, as 78% of members reported a lack of confidence in the Scottish economy.

A further 83% of surveyed members disagreed that the current tax system benefits the country, while only 6% expressed support for existing fiscal policies.

The institute identified four priority areas for the new government, including tax stability, building a skills pipeline, improving financial literacy, and accelerating the low-carbon transition.

The organisation argued that financial education should be embedded into the school system from primary level to support long-term economic resilience and public finances.

Professional bodies, educators, and businesses must collaborate more closely to drive systemic reform rather than relying on short-term policy shifts, the group stated.

Gail Boag, chief executive of the ICAS, said: “The new government faces many significant economic and social challenges and once appointed, the First Minister and Cabinet will need to move quickly on several areas requiring urgent and sustained action. The immediate priority must be to set out a clear, coherent long-term economic direction that restores confidence and unlocks the investment Scotland needs.

“Our latest insights underline the importance of stable and predictable economic and tax policy, a strong pipeline of the right skills, improved financial literacy across society, and faster progress towards a low-carbon economy. Meeting these challenges will require collaboration between government, business, educators and professional bodies.”

She added: “ICAS looks forward to working constructively with the new administration to help build a resilient, inclusive and prosperous economy in the years ahead.”