The Institute of Chartered Accountants of Scotland (ICAS) has warned that low confidence in Scotland’s economic prospects is already discouraging investment and limiting job creation.
The ICAS is calling for long-term policy commitments as the country approaches a key election.
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With Scotland due to vote on 7 May 2026, the ICAS has released findings from a survey of its members conducted after the Scottish Budget in January.
In the survey, 78% of respondents said they do not have confidence in Scotland’s economy, while only 6% said they were confident.
On taxation, 83% disagreed that the current Scottish tax system benefits the economy, with just 6% saying it does.
These findings underpin a new report from the body titled Chartered Accountants: A strategic asset for Scotland, published a week before the election.
The report identifies four priority areas, namely tax and the economy, future skills, financial literacy and sustainability.
The ICAS is calling for financial literacy to be placed at the centre of Scotland’s education system as part of a broader programme of reforms designed to support growth, strengthen public finances and reinforce long-term resilience.
Additionally, the ICAS is calling for closer collaboration between government, professional bodies, businesses and educators to pursue systemic, long-term reform, rather than a series of short-term policy changes.
ICAS CEO Gail Boag said: “The next five years are critical for Scotland’s future.
“The incoming government will face a set of serious challenges, from high economic inactivity and weak growth to pressure on education outcomes, skills shortages and increasing global uncertainty.
“Only long-term, ambitious policies will deliver the investment and sustainable growth Scotland needs.”
Earlier this month, the ICAS urged the Financial Reporting Council to add clearer safeguards and risk disclosures to its proposed temporary changes to the UK’s Third Country Auditor policy.
