Findlay Anderson, partner and head of corporate at full-service UK law firm Gilson Gray, said: “After months of kite-flying and speculation, today’s Budget landed with fewer headline changes than many expected. By rowing back on the proposed income tax rise, the Chancellor has instead turned to more discreet tax measures – targeting property, savings and dividends, alongside frozen thresholds and tighter salary sacrifice rules – to help fund significant increases in welfare spending.

“On top of the £40 billion tax rise announced previously, this Budget adds a further £26 billion, making this Parliament the most tax-heavy in 70 years. While markets have reacted positively to the Chancellor doubling her fiscal headroom to £22 billion by 2029/30 – which should bring some stability and reduce the risk of further tax grabs – this Budget still lands hardest on savers and property owners. That choice will only deepen the trust gap with many voters.

“For business, there is very little to welcome. The Energy Profits Levy remains in place despite sustained pressure not only from the offshore oil and gas sector but increasingly from renewables leaders and politicians across the spectrum. There’s also no movement on agricultural or property tax reliefs, both of which were squeezed in the last Budget. Overall, this statement feels like a missed opportunity to provide the confidence and clarity Scottish firms are looking for.”