High growth company creation at decade low
Creation of new companies in high growth sectors has fallen to its lowest number in almost a decade, according to figures obtained by Scottish Labour.
The number of registered enterprises in 2022 in areas of the economy with the biggest potential declined for the third consecutive year to the lowest since 2014.
There are now 6,990 fewer enterprises in these sectors registered in Scotland compared to 2019 – a fall of 9%.
This includes a decline in the number of registered enterprises in energy and renewables, which is also at its lowest point in eight years.
These Scottish Government statistics monitor businesses in high growth sectors such as energy, financial services, creative industries, food and drink, tourism, and life sciences.
Labour branded the statistics “damning” and said they expose the failure of the SNP and Tory governments to support key sectors in Scotland.
Labour’s independent advisory board on economic growth focused on maximising the potential in new green sectors, supporting growth in financial and tech services, and selling ‘Brand Scotland’ abroad.
Scottish Labour Economy spokesperson Daniel Johnson said: “Scotland’s two failing governments are holding back our economic potential and we are all left poorer as a result.
“Scotland could be a world leader in so many areas – from energy to finance to life sciences – but the SNP and the Tories are squandering the opportunities we have.
“We need to be supporting high-growth industries and the jobs they can create, but these damning figures show how badly our governments have failed.
“Scottish Labour will work to support Scotland’s world-class industries, deliver economic prosperity, and create quality jobs.”