It will take time for considered reactions to the vote to emerge. However, the BHA has already commented on the importance of tourism and hospitality and the need to provide the support for their growth, whilst Colliers has pointed to the ‘staggering’ opportunity for commercial real estate investment and development.
Clearly, it’s time to get back to business and the opportunities that emerging from recession bring to business.
Hospitality and tourism are vitally important
William Macleod, Executive Director BHA Scotland said:
“The Scottish hospitality industry welcomes the clarity which follows the referendum vote that Scotland is to remain part of the United Kingdom. There are many issues that will require attention as arrangements are made to devolve greater powers to the Scottish Parliament.
“Hospitality and tourism are vitally important to the Scottish economy with some 15% of the population working in the industry. The sector has consistently demonstrated resilience, adaptability and innovation, especially over the last five years or so and is showing clear signs of recovery. This recovery can be sustained if the economic and political conditions are in place to support this. There are a number of British and international hospitality organisations that are investing in Scotland and others have declared their interest in doing the same.
“BHA looks forward to working closely with the Scottish Government in the run-up to the elections in the spring of 2016 to represent the interests of hospitality businesses and continue to put forward the case for the conditions that will allow hospitality and tourism in Scotland to:
- continue to grow profitably,
- create employment – especially for young people, and
- compete effectively with other European countries.
Heightened interest in visiting
“Scotland has enjoyed great exposure to the international media in recent months, not just in the run-up to the Referendum but through coverage of the Commonwealth Games, the forthcoming Ryder Cup and the Year of Homecoming events.
“This is likely to stimulate heightened interest in visiting the country for leisure or business purposes. England remains Scotland’s most important tourism market and we must send out the message that Scotland is very much open for business and that all visitors are welcome.”
Uncertainty lifted for businesses both sides of the border
In contrast, Walter Boettcher, director of research and forecasting with Colliers International, immediately pointed to the lifting of uncertainty for businesses on both sides of the border, pointing to the beginnings of a fundamental shift UK-wide between Local Governments and Central Government:
“Scotland will remain part of the United Kingdom, but it will be a Scotland that will join in unison with other UK regions who have also been seeking greater self-determination in regional policy making.“
Higher levels of real estate investment and development
“From a narrow business perspective, economic and financial confidence has perhaps regained its balance and this will drive higher levels of activity as pent up demand and projects shelved temporarily will be dusted off and pushed through. Certainly property sector leasing and investment transactions both north and south of the border will see a decisive boost.
“From a broader strategic business perspective, given international appetite for infrastructural development by sovereign wealth funds in a very low interest rate environment, the opportunity for commercial real estate investment and development is staggering and may sustain activity levels well beyond the normal limits of traditional property cycles.”