Drop in confidence among Scottish firms
Overall confidence for firms in Scotland fell eight points in the past month, although there are positive signs about how many are getting back up and running, according to new data revealed today.
The latest Business Barometer from Bank of Scotland’s commercial banking arm reported a headline confidence reading of -41 per cent. This was compared to the Ukwide reading of -30 per cent.
The study, which surveys 1,200 UK businesses, found that more than a third of respondents in Scotland said they expect to be operating at more than 50 per cent of capacity by today, though a fifth didn’t expect to be operating at all by the same point.
Additionally, more than a fifth north of the Border said it would take three months until they were back to running at pre-covid-19 levels, while one in 20 expect it to take more than a year.
Fraser Sime, regional director for Scotland at Bank of Scotland commercial banking, said: “Businesses are currently facing challenging times, but as lockdown restrictions begin to ease, it’s encouraging to see that more than a third of [them] are hoping to be back up and running by the end of June.”
However, the majority of businesses surveyed in Scotland continued to see demand fall during June. One in six experienced a drop, down seven points on May.
Sime added: “We remain by the side of businesses as they navigate this uncertain period and will continue to support them as we emerge from lockdownandlooktowardsamore positive future.”