Confidence in Scottish business on the up

Scottish business confidence is on the rise, with investment and hiring intentions also increasing, according to a Bank of Scotland study.

The Business in Britain report published today showed business confidence in Scotland, based on the outlook for sales, orders and profits, rose three points to 20 per cent in the first six months of 2018.

This lift in optimism was mirrored in the number of UK businesses looking to grow investment in the next six months, which rose 11 points to 13 per cent, and the amount of companies intending to hire new staff, which increased by nine points to 2 per cent.

However, Brexit uncertainty has become the single greatest risk to UK firms in the coming six months, cited by 29 per cent of businesses nationwide.

Fraser Sime, regional director for Scotland at Bank of Scotland, said: “Businesses in Scotland have shown great resilience and have continued to adapt to these turbulent times.

“Despite firms starting to feel more confident as the landscape shows signs of levelling out, Brexit uncertainty is still at the forefront of minds across Scotland.

“We are, however, seeing businesses begin to take cautious steps towards growth, with plans to increase investment and recruit more staff.

“Now we need to continue to support those businesses to ensure they seize every opportunity being created by the current climate in order to grow and achieve success.”

London was the area with the greatest level of business confidence at 31 per cent. 0 Fraser Sime: ‘Businesses showed great resilience’