Savings pots on the slide at Scottish small firms

Small and medium sized enterprises (SMES) based in Scotland hold an average of £220,000 in business savings accounts, according to new research.

The study by Hampshire Trust Bank, the challenger lender, also suggests that Scottish firms are saving 40 per cent less than in the run up to last June’s EU referendum – the biggest percentage drop in any part of the UK surveyed.

The national average for business savings is £446,000, representing a 20 per cent drop, year-onyear.

According to the report, the majority of companies in Scotland said the decrease in their savings pots was due to wanting to invest in the development of their businesses.

Stuart Hulme, director of savings at Hampshire, said: “We appreciate that this is a challenging time for UK SMES, with the current uncertain economic and political environment impacting on savings balances across the UK.”

The bank commissioned the research in partnership with Coleman Parkes research agency.