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The Land Reform Act will take away development opportunities

Date: 13 Jul 2016

Bumblebee Design

Jamie Younger, partner at Saffery Champness, Edinburgh, says the danger of this reform is that landowners risk losing strategically important land such as development sites which will in turn result in less private sector wealth creation.

 

What would a second referendum mean for Scotland?

Whether a referendum will take place depends on Nicola Sturgeon and her ability to negotiate a back to back deal to remain in the EU while the rest of the UK exits. The wealth industry could benefit from an independent Scotland, however, I don’t see Scotland  as economically viable with its budget deficit at £10 -£15billion per year. That’s a wider problem and it will affect its ability to be admitted into Europe.

What recent laws have had an impact in Scotland?

The Land Reform (Scotland) Act 2016 extends the rights of communities to buy land from the owners to “further sustainable development”, which may put UHNW landowners under pressure to sell land to communities. The danger of this reform is that landowners risk losing strategically important land such as development sites which will in turn result in less private sector wealth creation.

How is business?  

Clients are cautious. A second referendum will add more uncertainty and ultimately damage wealth creation which means less business confidence and fewer investments. We can already see in our day-to-day work that clients are holding back. 

 

This article was published in Citywealth Weekly, our mid-week roundup of topical news and exclusive expert comments. Sign up here to start receiving the Weekly in your inbox. 

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