In another week where the business news flow – as in nearly every other aspect of life – was driven primarily by the pandemic and its financial wrath, in came the Scottish budget with some sticky plasters and Blu Tack to keep what remains of the economy limping along to an unspecified dawn of recovery. 

It’s not that the measures announced by Finance Minister Kate Forbes on Thursday weren’t welcome. The number one ask from every corner of the business community was for an extension of the relief on business rates – the equivalent of Council Tax on a domestic property – to help firms weather the coronavirus storm. On this she delivered, but only for an extra three months. 

To be fair to Ms Forbes, putting together a far-reaching strategy more than a month in advance of Chancellor Rishi Sunak’s Budget on March 3 was always going to be a tough, if not impossible, task. Her immediate observation on the “absence of clarity” as to what stance the UK Government will take on non-domestic rates in the months to come was utterly predictable, yet nonetheless credible.

READ MORE: Restrictions take toll on retail sector as one in seven shops now empty

But with the Scottish Retail Consortium reporting that one out of every seven shops across the country is lying empty, and with more closures certain to come, the foreseeable cry of “we need more support” from the business community is equally rational. 

Beyond short-term survival, what everyone requires now is some certainty from governments in both Edinburgh and London as to how we will come out of this crisis. What are the milestones that will trigger the easing of restrictions – vaccination levels, case numbers, the ubiquitous “R” number, or something else?  

And what happens at each stage? We’ve heard plenty of suggestions that the old “normal” may never be achieved, but what exactly does that mean? 
Among the many business leaders calling for a sustainable route map outlining how we get back into productive growth is Derek Provan, chief executive of Glasgow Airport owner AGS.  

With traffic at Glasgow down by 90 to 95 per cent on this time last year, Mr Provan is understandably frustrated, even exasperated. In an interview at the start of this week with Deputy Business Editor Scott Wright, the airport boss said that while plenty of people in government say they understand the plight of the crippled aviation sector, there has been no recognition that these businesses can no longer bear the costs of severe travel restrictions.

 

In other news, TSB confirmed this week that it is forging ahead with the closure of 73 bank branches and a cut of approximately 300 jobs despite appeals to save branches in remote and deprived areas in Scotland. Meanwhile, HSBC has said it will also be closing some of its bank branches, to the tune of a fifth of its Scottish network. 

Mulling over the situation, Business Correspondent Mark Williamson says the actions of HSBC – a self-styled disruptor of the Scottish banking scene – have proved the group “to be as tin-eared as incumbents that dominate the market”. 

The number of customers using bank branches was falling before the pandemic, and that trend has been severely exacerbated by the coronavirus pandemic. But that doesn’t mean these branches have stopped serving a useful purpose for many people who for various reasons are not comfortable or able to access digital technology.

READ MORE: Experts will tell truth of Brexit while Tories indulge fantasies

And finally, there is of course the continuing Brexit saga, with early flashes of the problems caused by the UK’s departure from the EU emerging in economic data this past week. According to information services group IHS Markit, manufacturing and service firms have been hit hard by supply chain and export disruption. 

A truer picture of the costs and benefits of Brexit will eventually emerge, but for the time being, all indicators point to added complications in an already arduous health crisis.