Business leaders paid homage to the "end of an era" while also calling for urgency around policy reviews after Nicola Sturgeon’s resignation.

The announcement by Ms Sturgeon that she is to step down comes at a time when relations between businesses and the Scottish Government are tense, sometimes febrile, as companies tackle challenges in the post-pandemic landscape while also facing a raft of contentious policies.

Tributes to Ms Sturgeon’s commitment came alongside a signal to “correct regulatory policies which are not practically working for businesses”.

Companies have clashed head-on with Holyrood over controversial business proposals. There has been vehement opposition to the timing of the introduction of a deposit-return scheme some see as costly and unwieldy in its current form.

There was outcry over an advertising ban on alcohol, prompting Ms Sturgeon to row back on the extent of the proposals.

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A rent freeze later replaced by a rent cap was claimed to have created a more accentuated imbalance in the rental market.

Liz Cameron, chief executive of the Scottish Chambers of Commerce, paid tribute to Ms Sturgeon’s dedication.

“Regardless of political persuasion, we can all agree that the First Minister has been a committed, dedicated and passionate public servant for Scotland,” said Ms Cameron.

“We have agreed and disagreed on economic policies but we have always found common ground on the importance of promoting Scotland on the world stage to boost our exports and promote investment."

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She added: “Urgency, action and partnership will be the watchwords from the business community.

“We will continue to work with the next First Minister as genuine partners as we collectively grow the economy as well as correcting regulatory policies which are not practically working for businesses.”

Catherine McWilliam, director at the Institute of Directors, Scotland, said: “Nicola Sturgeon’s decision to resign as First Minister is without doubt the end of an era and we would like to thank her for her support for Scotland’s business community over the last 16 years.

"Equally, we look forward to working alongside her successor to ensure that government policymaking accelerates the potential for businesses to thrive in this country in future.”

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Timothy Douglas, of property industry body Propertymark, said: “Throughout this time the housing and property sector in Scotland has gone through significant change.

“We’ve seen the introduction of letting agent regulation and registration, increased tax burdens on those wishing to buy property as a landlord or second homeowner and more recently a continued desire from her administration to introduce damaging long-term rent control measures."

He added: “A change of leadership can often lead to a shift in focus but on its own is unlikely to restore confidence among investors who ultimately can unlock increased supply for tenants and better-quality homes for all.

“Propertymark stands ready to work with her successor to deliver proportionate and workable solutions for the sector that are based on evidence.”