COMMENTING on the impact of the Scottish Budget on Scotland’s tech entrepreneur community, David Ovens, Joint Managing Director of Archangels, said:
“We understand the rationale behind increasing the tax burden on higher earners in Scotland. However, the practical implications require more consideration. By creating such a large differential between Scotland and the rest of the UK, we run the risk of a brain drain.
“Scotland’s thriving tech sector employs highly skilled people and founders who are generally mobile, and such a system is likely to result in many relocating elsewhere within the UK. In recent years, Scotland has made great strides to establish a reputation for supporting and nurturing entrepreneurs.
“We just need to be careful that we are not creating a fiscal environment which hinders entrepreneurial activity and damages our reputation as a place to start and grow a successful business.”
